Two Technical Observations on $ES Futures Action

Much like the technical relationship between legs of the decline pointed out in this weekend’s article (here), which shows equal legs in the decline from Thursday and Friday, the larger decline from 3/29 to now is also at perfect equal legs. And, much like the trend line in this weekend’s article (which anchored it on the 2/24 low), if we move that anchor to the 3/15 low—which gives it a different slope—we’re now at that.

So, if we’re going to bounce, these technicals would support it. I do expect a bounce, and an overnight reversal would be perfectly fine (but, we’ll just have to see if we’re going to get it).

ES


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