How ES/SPY will finish up July thoughts

Short

E-mini S&P 500 Futures (Sep 2020) (CME_MINI:ESU2020)

Updated

CME_MINI:ESU2020 E-mini S&P 500 Futures (Sep 2020)

trendanalysis harmonicpatterns indicator spy spyshort es500 short shortsetup technicalanalysis technical

To me the technicals are showing ES falling off throughout the next week. We could see continuation but think we would need some good news to turn this boat around. Vaccine was priced in already, covid cases rising, Trump taking precautions now, losing confidence in market. Maybe another stimulus could float the market a little longer. Papa Jpow is running low on ink.

In all seriousness I think SPY had a good run-up and needs to test back down and looks to me as if it's losing steam.

Possible we see sell off tomorrow going into the weekend but we will see where tonight takes us, will update when I get a chance.

Thanks!

Comment:

Still looking like it will play out so far.I like the swell line I posted originally. I think this will be the swing up but will get rejected unless daddy Jpow and stimulus can prop this up longer.

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