Hey Traders,
nice technical trading overnight, the channel posted in last night’s ES analysis came into play and marked the overnight low so far.
eshrly2
After testing the new channel ES bounced back to backtest the big trendline. Will be watching the new channel as well as the old trendline for clues. Below major support level at 956-957, breaking that level would really score some points for the bears.
Also, not only did ES finally break the trendline, on the same hourly bar 20ema hourly crossed under 50ema hourly for the first time in 12 days. It is very simple clue, but has been pretty good past several occurrences:
crosses
bears still need to take over the 200ema and the 956-957 to get anything constructive going, for now building bearish case one technical clue at a time, as this was the first time in almost 3 weeks that bears got something even minor done.
————
As always will post key intraday levels on Twitter @vladesecfutures and on the blog (check out “free trader chatroom” link in top menu bar for trader chat)
Good Trading
Vlad