Monday, September 23, 2019

Week of September 23, 2019

I know everybody is trying to get this final push up before October is over but I don't necessarily think it is a necessity. I think some fractals are being tossed around to get the move higher but I see others that say it doesn't need to (at least not yet) I still have the same higher targets so this isn't about being bearish by any means. I just think before we can get anything higher this needs a pause cause SPX hasn't even tested 2760's yet and I can't see how that shouldn't happen. I realize it can push up but to think that would add 60 handles from here with a multi-year / decades long line of resistance overhead doesn't make me think it is just going to  blow through that.

The ES extension from the 2991.50 had a PT of 3025.75 before it could break out into that 3040+ area. That PT has been hit and now retested so what is the rush?


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