ES Morning Update April 18th 2024

The market finally broke down yesterday but then recovered a lot of it before the close. Nothing really to do right now but wait as I know we will be hitting the FP on the SPY soon. It could happened today or tomorrow? I don’t know the when part but I’m just holding my shorts and will only exit once it’s hit.

Then I’ll go long for a 50% retrace, which should be back to around 5100 or so. Time wise I’d say that will happen within 2 weeks… probably faster, like 1 week. After that happens I don’t know? I’ll have let it all play out and see what the charts look like at that point. The weekly chart is quite bearish looking so the move down after the retrace could be lower then the coming low at the FP, but it’s not something I can forecast right now. One trade at a time and for me it’s just to stay short until 483 on the SPY is reached and then get long.

Have a blessed day.