ES Morning Update June 3rd 2024

Last Friday we did indeed see a late day rally as the RSI got oversold enough on the 6hr chart that squeeze happened. And it only reached the midpoint zone on the chart so it can go up again today if it wants too as it’s not overbought yet. The daily is around the midpoint zone as well on its’ RSI, so the bulls have the technicals on their side at least early this week.

If there is ever a time for the bulls to try and bust through the rising green trendline of resistance it would be now as the technicals favor them, and they have bears trapped, so there’s no reason to give up now.

However, there’s a rising white trendline of resistance above the green one, so I still don’t think we are ready for another multi-hundred point non-stop rally to 6000+ yet. If we reach the 5400 zone I think that will be all there is for the bulls and that we’d drop back several hundred points in June to allow more time to pass so the weekly and daily charts can get setup better for a bigger and longer lasting rally.

The second half of June is still notoriously bearish, so that’s where we should see another attempt to hit the FP on the SPY from the Yahoo site (if it is a real fake print, which is yet to be known).

Even if we don’t hit it we should pullback to get close to the recent low on 4/19, and that could be a higher low which would be fine too. Then the summer rally can start and we’ll see if the market can rally to 6000+ or not in the coming months. If they do that into September or so I’d be on high alert for a crash from some False Flag event the Biden gangster gang sets up to stop the election. Whether it’s some attack from illegals coming into America or some made up virus I think we all know they have something planned. That’s just speculation of course, and can’t be foreseen in advance. But it’s something to be aware of as possible, so keep your eye’s open for clues they give us. That’s all for now.

Have a blessed day.