ES came down into support zone - sloppy action into quarter end.
They ran those equal highs and reached big zone on ES
5577/82 and profit taking took hold.
Posted by DigiNomad on 28th of Jun 2024 at 11:42 am
April 1st of the current quarter (ending today) was the start of
a rough patch. Money managers are forced to close their eyes and
chase if they're behind (if they want to stay employed) so if it's
been a bullish quarter you can expect some chasing into the close.
The thing is that many don't want to be in the high flyers at
current valuations, so they run away as soon as the market opens in
the new quarter to wait for better prices. Cycle begins again and
squeezes into quarter end. Rinse, repeat.
*The word on the street with the people that follow the
seasonal charts closely is that it doesn't get more bullish than
the 1st two weeks of July. Most seem to think we will get seasonal
election year weakness, but not until the second half of July,
maybe even August. We'll see. I'm not a huge fan of seasonals
myself. Is it deficit spend at 7% of GDP season? Yes? Game
on.
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ES came down into support
9/6 ES Levels Sept Contract (ESU24)
Posted by steve on 28th of Jun 2024 at 11:32 am
ES came down into support zone - sloppy action into quarter end. They ran those equal highs and reached big zone on ES 5577/82 and profit taking took hold.
April 1st of the current
Posted by DigiNomad on 28th of Jun 2024 at 11:42 am
April 1st of the current quarter (ending today) was the start of a rough patch. Money managers are forced to close their eyes and chase if they're behind (if they want to stay employed) so if it's been a bullish quarter you can expect some chasing into the close. The thing is that many don't want to be in the high flyers at current valuations, so they run away as soon as the market opens in the new quarter to wait for better prices. Cycle begins again and squeezes into quarter end. Rinse, repeat.
*The word on the street with the people that follow the seasonal charts closely is that it doesn't get more bullish than the 1st two weeks of July. Most seem to think we will get seasonal election year weakness, but not until the second half of July, maybe even August. We'll see. I'm not a huge fan of seasonals myself. Is it deficit spend at 7% of GDP season? Yes? Game on.