ES Morning Update May 24th 2022

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Not much to add that wasn't covered yesterday. The market is still stuck in the falling channel and until it gets out of it there's just not much hope for the bulls. SNAP earnings crushed the stock yesterday and is of course weighting in on the futures this morning. That's just something to blame it on but in reality it's overhead resistance that's still holding the market back.

If I were to add Scenario FOUR it would be to just continue playing ping pong inside the falling channel until the low is reached... which should be the FP at least I'd think. Bulls must break out of the channel to even stand a chance at 50% retrace rally, let alone a new high. It will happen of course but "when" is the question I can't answer. June is around the corner and a bearish month, so it's likely to put in the lows if the market continues "as is", and that does seem likely at the moment. Anyway, I don't have anything to add so I'll end here. Have a blessed day.

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