ES Morning Update April 23rd 2018

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Good Monday morning everyone. I don't have much to add this morning. It looks like the market wants to bounce a little but it will have to get through resistance from a falling black trendline first. It suggests to me that the 2685 or lower area will be about the point where it hits that line, and with the charts looking mixed it might just hold the bulls back. I'm just not seeing any edge to either side right now. I'm neutral on the direction as it could just as easily rollover and drop as it could rally all day. It doesn't feel low enough yet to go long or high enough to short. This 60 minute ES Futures chart is trying to come up from oversold territory while the 60 minute SPX Cash Index is trying to go down from being overbought... thus the neutral forecast. The futures usually lead the the cash so I think we are close to a bottom, which should be this week. But it could be another month or more of range bound trading until we see a breakout to all time new highs I think (or breakdown to new lows?). In the meantime we will likely continue to trade in a large range. I'll end there and wish everyone a good trading day.