ES update 5-23-24

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globex 10 min

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may seasonality

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holiday seasonality
The market's positive performance last night and the establishment of a new all-time high at the 5-day average daily range indeed make it challenging to predict today's movements. The targets of 5371-74 and 5347-49 are based on technical analysis and the market's momentum. If the market retains its strength, reaching the higher target is plausible. Conversely, if momentum wanes, the lower target becomes more likely.

Seasonal trends suggest an uptick today and tomorrow, followed by a downturn into Tuesday and Wednesday, then a strong upward turn. Historical patterns indicate a late May low before a June rally. If the low at 5306 is indeed in place, this could align with the observed seasonal behavior, setting the stage for a potential rally.

It's crucial to remember that while historical and seasonal trends can provide insight, they do not guarantee future performance. Market dynamics are influenced by a multitude of factors, including economic data, geopolitical events, and investor sentiment. Therefore, it's advisable to stay informed and consider multiple indicators when analyzing market trends.