ES Morning Update January 26th 2024
Still waiting on the last move up, which might be into the close today or early Monday, but we super close now. The daily chart, the weekly, and of course the 6hr chart are all overbought now. I still don’t know if they reach 5000 or not, but it’s an obvious magnet for the ES/SPX. Below is the daily chart.
As you can see we have triple negative divergence between the price and the MACD’s and RSI. It’s never easy figuring out the exact date but so far my patience is paying off. I’ll be looking at the close today and Monday morning for a possibly short. The next chart is for the weekly.
Notice the quadruple negative divergence on on the RSI where I drew the dashed white trandline. It goes back to 2018 and we are back up at the same trendline today, and slightly in the red (hard to see). It’s just a matter of time now, and it’s super close.
Have a great weekend.
Source: https://reddragonleo.com/2024/01/26/es-morning-update-january-26th-2024/
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