Two Structural Observations on $ES

From the mile-high view, the two ways I am attempting to interpret the S&P 500 look ok so far.

At the greatest scale, the macro structure first discussed here looks acceptable, and is so far behaving as one would hope it to. The large bullish wedge lower rail is where we spiked down to during the FOMC whipsaw, and from which we bounced (green arrow). So, hopefully that sticks.

ES

The other way I am looking at it (as an accumulation, first discussed here) also looks acceptable. We rejected the lower trading range parallel rails somewhat harshly today, but  we are creeping back up through the rails now. We clearly need to get through those and actually find support on them, and hopefully we will. If we can, we may interpret this last drop as the “head” of an inverse head and shoulders pattern.

ES


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