A Few Morning Notes on $ES

I was looking a bounce, and we got that.

From here, I won’t have a whole lot to say until more structure develops over the next day or two. But, I will make a couple of points. I do expect prices to rise. However, after initially recapturing the COVID trend line—a positive sign for the bulls—we’ve now given that back up overnight. We still have the “bear wedge” trend line beneath us, but if a major low is in, I wouldn’t expect us to get quite that low again.

To the contrary, even the bearish view should at least see a rally to the orange box, and the bullish view should see it go higher, closer to 4450 or higher.


If the market doesn’t do either of these, and no persistent bid enters the market, I worry that I may have to join the growing chorus of folks calling for 4000, which I am extremely reluctant to do.

Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.

Leave a Reply

Your email address will not be published. Required fields are marked *