ES hit my upper trendline

Dec 4, 2020

Not quite overbought, but it hit the line.

We could see an overshoot if we get a stimulus package agreement over the weekend. Waiting until Monday to make any trades.

Dec 4, 2020

Comment

Much like the elections week pump, I would expect weakness at EOD caused by profit taking, and in this particular case futures being overbought. That is not an indication of direction for Monday.

I'm very bearish on Chinese EV stocks though (NIO, XPEV, LI). Small position. Guessing they throw a breakaway gap Monday, we'll see.