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#ES #SP500 - New Highs and Lower Volume

#ES #SP500 - New Highs and Lower Volume

Good Morning Traders at least in Europe!

Honestly speaking, I can't quite understand the indices anymore but what matters my opinion?

The S&P500 is rising and rising. Even if the market faces a resistance then there's no resistance in the market.

During RTH the market went quietly up and resides around 3430 almost all day long. Immediately during ETH after markets close the S&P just overruns the resistance.

Sure, the defenders are at home by now. Is this for real?

My only explanation is the upcoming presidential election. The markets can't go down before... but no matter what:

Right now the market is breaking all resistances but the volume is decreasing during the last days.

This is a sign of weaker highs.

I believe that a correction will come. I am not talking about a crash that's "impossible" before elections... but a couple of days before the elections I'll buy put options!

Right now I believe the S&P will have a pullback of around 5-10% maybe today or at the beginning of next week.

Take care for today,

Robert

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