ES Morning Update January 11th 2024

The market continued to grind higher yesterday without any pullback of any means. It’s looking like I’m going to be wrong on this being a wave 2 up as it’s looking more and more like it’s going to make a new all time high on the SPX and SPY, which were the only one’s that didn’t make one from the new high put in everywhere else at the end of December.

On another note a member of my chatroom reminded me of all the FP’s on yahoo finance, which I have always ignored because of how many fake prints show on it. I’ve never seen them play out in the past when I tracked them years ago, so I just stopped paying attention to them.

But on this chart I do see something that stands out, and might be something to pay attention if we go up more today, tomorrow or Monday. It’s the fact that they show the upside FP of 483.07 on the chart 3 times, and the downside FP of 445.22 also hitting 3 times.

Maybe there’s a hidden code in them to keep all us sheep from figuring out which ones are real and which one’s are nothing? If so, then we could rally up to a new all time high of 483.07 to hit that FP on the SPY and then drop into the 445.22 FP after that?

That drop would be about 8% and would be a reasonable pullback for the first move down this year. As for today I still don’t think they will use the CPI to spike the market higher and then reverse back down hard to start a new trend. I’m not sure how it’s going to play out but I will remain short through it all and “if” we do some how rally up to 483.07 I’ll take another short.

What could happen is that the CPI doesn’t produce much movement at all, which will confuse everyone. If that happens I’ll consider taking another short as that “event” is all that the bulls have left for fuel in my opinion. Once it’s passed there nothing left that I can see that could get the market to keep going higher to hit the 483.07 “possible” FP on the yahoo site.

Again, let me restate that I’ve tracked yahoo finance in the past and NEVER seen any of the FP’s play out.  I just considered them a noise basically.  If we some how hit the upside FP I’d short it anyway because it will be a double top on the SPX/SPY.

My gut tells to ignore the yahoo site as it’s never been proven accurate.  So if we see a “nothing burger” happen after the CPI, and the market opens flat to up a little I think it’s toast afterwards and we’ll get my drop into the end of this month of 10%+… meaning NO higher high and that we start down today.

Have a blessed day.