Sunday, June 16, 2024

ES Morning Update July 7th 2017

The futures have turned back up a little from being oversold yesterday.  Today looks very likely to be a bullish day as many charts are aligning up together on the futures and spx cash in different time frames.  Resistance is the falling trendline in black that's around 2421-2423 or so.  Support is of course yesterdays low, but charts don't support much downside today.  Maybe we see some small pullback late in the day but currently things are aligning up nicely for the bulls.

The question will be... can the bulls take out resistance and get stronger move going to squeeze the bears?  Hard to say at this point but the bulls have good alignment today in the charts and therefore have a good shot at busting through that falling trendline in black and making a run for 2430-2435 area.  But if they fail to get through it today odds will shift to the bears come Monday I believe as by then the bullish setup will no longer be valid.  So it's going to be a critical day for the bulls as if they can breakout to the upside the momentum can keep the charts bullish into early next week, but if they don't get past that falling trendline I fear the bear will take it back down Monday.  That's all I see for today.  Bulls need to get going to the upside or risk another move down early next week.

Author: Red

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