ES Morning Update February 19th 2019

I hope everyone had a great long weekend. For myself I honestly can say that I don’t like holidays as I’m lost without the market open. I tend to mope around the house for 3 days looking for things to do and of course some projects I just don’t want to tackle so I say bored. I did put up a ceiling fan Friday night though. It’s on my back porch that I enclosed last year and put up stone rock on the walls and floor. It’s where I put all the flowers and plants in the winter so they don’t die outside in the cold.

Anyway, back to the market… which is down small this morning before the open. I don’t think we are done yet on the rally up though but today pulling back some seems reasonable to me. In fact we got a new FP on Friday afterhours showing the likely downside target (for today I suspect) and the final upside target (for this week is my best guess) before the market rolls over and pulls back for 2-3 weeks. I’ll post a screenshot of the FP in the chatroom.

Tomorrow around 2pm the Fed’s will re-read last months minutes of the meeting for the January FOMC. Usually the market will pause and/or pullback small right in front of all the FOMC meeting and even minute readings last this one. I guess traders are listening closely to see if anything new is added that may affect the market. The bottom line here is that a float downward (small) today is likely so I wouldn’t expect much movement today, and probably not a lot tomorrow in front of 2pm EST. But after the meeting is over with I’ll be looking for one more move up into a high expected this Thursday or Friday. That should be it for the long rally up from 12/26 and the next leg down should start.