The Long-Term ES Futures Remain in a Negative Configuration

Despite today's short covering rip into the close, the ES futures remain in a long-term negative configuration. Until the recent highs in the 3230 range are taken out, swing traders can maintain short positions from here.

We remain faced with a bearish wedge having broken down with a new down trend so far intact, though bears will want to see a new lower low develop in the coming week or so.