I thought I would provide an update of how my daily ES analysis is going.
The market is continuing to consolidate its status as a true bear market, with this most recent failure of bullish momentum at a 50% weekly retracement; this was also a refusal of the 4hr 200ma. Only limited buying support was found at the subsequent 50% daily retracement, and a short-term (i.e., current action) failure has ensued, to close the day (06/28) at the 1hr 200ma.
I think there is potentially further short-term downside, see "bear target" line. The short-term bearish tides we are seeing currently, however, could find another short-term move to the upside, with earnings in play and everyone positioning for a 3-5-10 year horizon, taking the opportunity to capitalize on overzealous sell-offs (value plays).
Like I said, though, I believe the current price action has consolidated everyone's pronouncements of a 2-4 year bear market. I'm trying, myself, to lay off the hopium, so my analyses are day to day, hour to hour, minute to minute.
Economic indicators are messing with everyone's mind. Trying to stay clear, here.
Best, and well wishes.
Aeth
The market is continuing to consolidate its status as a true bear market, with this most recent failure of bullish momentum at a 50% weekly retracement; this was also a refusal of the 4hr 200ma. Only limited buying support was found at the subsequent 50% daily retracement, and a short-term (i.e., current action) failure has ensued, to close the day (06/28) at the 1hr 200ma.
I think there is potentially further short-term downside, see "bear target" line. The short-term bearish tides we are seeing currently, however, could find another short-term move to the upside, with earnings in play and everyone positioning for a 3-5-10 year horizon, taking the opportunity to capitalize on overzealous sell-offs (value plays).
Like I said, though, I believe the current price action has consolidated everyone's pronouncements of a 2-4 year bear market. I'm trying, myself, to lay off the hopium, so my analyses are day to day, hour to hour, minute to minute.
Economic indicators are messing with everyone's mind. Trying to stay clear, here.
Best, and well wishes.
Aeth