ES Morning Update June 8th 2023


The market continues to chop sideways making a multiday bull flag in about a 30 point range. Bear must attack soon or lose the edge of overbought short charts. Going sideways long enough resets overbought charts, and that's what the bulls are attempting to do right now. How many days is needed you ask? I don't know as it's not an exact science.

Many different time frame charts must be overlaid together to see the bigger picture, which currently is still bearish currently. And that 4300 resistance zone is still super strong with selling still hammering it every time the market gets near it.

I don't think it will break anytime soon, like not this month... maybe in July, who knows for sure? Remember that after OPEX the last half of June is very bearish from a Seasonality point of view, which might explain why we keep going sideways everyday as the market might be holding up into both the FOMC and OPEX.

It's not easy to figure out this market as this sideways crap frustrates both sides, so it's waiting game it seems. Today could go either way but it should still NOT take out that 4300 zone and breakout for a run to 4400 or more.

Preferably it breaks down but it seems really resistance to loosing the current support around 4270 or so, which is also the rising white trendline connecting all the recent highs back to April. If the bears can break it then the 4240-4250 support will be next, and that too will be hard for the bears to get through. Nothing more to add really. Have a blessed day.

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