Red Dragon Leo

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ES Morning Update January 29th 2016 Posted: 29 Jan 2016 06:52 AM PST ES Futures riding the lower side of this rising trendline.  They might ride it all day and then drop.. but they should drop soon. This 60 minute chart of the MACD’s show the market is very overbought now.  The 2, 4, and 6 hour charts are also all overbought. My thoughts are still the same as what I’ve been thinking all week long.  And that is “they” want to close the market around this area to save the monthly chart by keeping it inside the rising channel from the 2009 low.  It’s around 1890-1900 on the SPX from what I can best guess.  I think they will save that and then go down next week.  I’d love to see 1910-1920 area hit today, where that rising trendline hits.  Once we top (probably today),  I think we’ll retest the 1804 low within the next 2 weeks. For today I think it’s important to take out all the overhead “buy stops” the bears have placed up around the 1910-1920 area.  Do that by the close today and I’d be a bear next week. We have to get everyone bullish before we can top and then go down, so let’s hope we rally up nicely today and everyone scared to short over the weekend.

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