ES Morning Update December 22nd 2021

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We had a good rally yesterday but looking at the charts this morning they are weak and I don't see much more upside from here as another drop is very likely today. Whether that takes out the major support around the 4500 level is unknown but down today is much more likely then up. I thought we could reach 4700 on this rally but I don't see it possible right now. Maybe there's another attempt made after this coming pullback but today looks bearish and another retest of the lows is possible. Upside resistance today is the 61.8% Fibonacci Level at 4658.16, which is basically the 4670 zone. After that is 4690-4700 area of course, but I don't see it getting up there today. We could see the 4670 zone today but it would have to happen early in the morning after the open or so as the afternoon period should be going down. Nothing more to add so I'll just wish you a blessed day.

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