ES in Another Bear Flag 7/28/2020
ES at the 4 hour.
The ES is still in a giant bear flag pattern since July 23rd. With the Fed press conference tomorrow, I wouldn't be surprised if this gets pumped up for that press conference then starts dumping on Thursday.
The VIX right now is projected to break its wedge between 7/30 to 8/5. Obviously, I cannot get an exact date, but it's in that date range. The pullback last week was not enough to attract more buyers. The VIX is warning that a pullback is pretty soon. If this pulls it down to 3100s, then that should attract enough buyers to get a decent bounce from.
The ES is stuck right now because tech shares are being sold. However, non-tech sectors are finally getting bought.
The ES is still in a giant bear flag pattern since July 23rd. With the Fed press conference tomorrow, I wouldn't be surprised if this gets pumped up for that press conference then starts dumping on Thursday.
The VIX right now is projected to break its wedge between 7/30 to 8/5. Obviously, I cannot get an exact date, but it's in that date range. The pullback last week was not enough to attract more buyers. The VIX is warning that a pullback is pretty soon. If this pulls it down to 3100s, then that should attract enough buyers to get a decent bounce from.
The ES is stuck right now because tech shares are being sold. However, non-tech sectors are finally getting bought.