ES Holding Trend

CME:ES1!   None
171 1 0
Bounced right off the trendline
While I agree with your observation I'm not sure it leads to your implication. The correction may not be over -- there is a lot of evidence on the short side of the boat. We will have a much better idea next week of where this is going. My suspicion is a little bit higher before reversing, going through that trendline and beyond (October, possibly June, lows -- at least 1720) before reaching the January highs again. However, that bullish hammer on the weekly definitely got my attention and I will cover my shorts if the ES goes up much more.

BTW, you can follow that trendline back to June 2012.
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