Opening Futures

Other than the normal Friday Op-Ex pin, I think the probability that I posted here last night is the highest, I'm glad I did not post the second part of the Daily Wrap and I'll show you why in a subsequent post right after this.

So I think the market will likely pullback like I thought yesterday and I believe it will still move higher after that, just as I explained above without creating a novel that takes hours to go through, although some of those charts are important and will be shared.

Giving the Futures a bit more time as I said last night, was really key and the easiest way to answer the question of probabbilities as I demonstrated with the Nikkei 225 futures last night.

Here's ES as of the open.

 ES / SPX Futures 5 min, overnight it clearly shows the near term (as in the next trend as short as that may be)  probabilities are for the pullback I expected.

The 30 min, longer term (and thus longer and stronger trend) continue to come down on the side of more upside after a pullback.

However, as with any price movement, the pullback itself is our best window in to the market, if assets are being accumulated in to a pullback, the increase the probabilities of the 30 min chart above, if they do something else, then we have changing probabilities. I do not expect changing probabilities, I do expect an intraday or very short term pullback to widen the foot print of the reversal process which just gives the market more support to make a move higher when the pull back is through, what I call, a constructive pullback...again all of this was addressed in last night and yesterday's late day posts.

I showed you with 2 charts, when you see what I had planned, I think you'll thank me, I know I'm grateful I didn't post the second Market Update...