ES Morning Update June 11th 2024
A whole lot of nothing yesterday as we drifted lower in the first half of the day and floated back up the second half. Still no clear direction but a move is coming tomorrow after the CPi and/or the FOMC. The market has been in a tight range the last several days and forming a bull flag, as well as a “cup and handle pattern”, which both are bulls of course.
The typical trick is to rally higher first in a short squeeze to kill the bears and trap the bulls before a drop. Technicals are still short term bullish but medium term they are overbought so a pullback should still happen before this month ends, and usually in the second half of the month. But that pullback could start from a higher level, like the hitting of the rising white trendline up around 5450 on Wednesday.
As for today we’ll probably chop around some more as everyone is waiting on the CPI and the FOMC. My lean is still that we’ll hit the rising white trendline, but that doesn’t mean we don’t have a shakeout drop first, like after the CPI maybe? Then back up after the FOMC would be my best guess on how it plays out. Nothing but a waiting game now.
Have a blessed day.
Source: http://reddragonleo.com/2024/06/11/es-morning-update-june-11th-2024/
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