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Happy Wednesday! Yesterday had the makings of a reversal, and so it was. S/R lines were pretty much on point. Today will either be a confirmation or it will be just a fake out.
What would need to occur to confirm the reversal? Closing the day below 331.5
Graveyard Shift Little dead cat bounce in the afterhours. This morning was a gap back up above the all important 335. Pressing the resistance of premarket highs is more bullish than bearish.
Futures Crew (/ES) Getting pushback at the 3355. Getting near and under 3340 is going to tempt bears to break down the little bull flag. Bulls need to get above and 3360 and work the way up to prevent this.
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Weekly Projection
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blue line is important. 335.77
bulls will build confidence if they can start out the gate holding above this price.
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above the blue line. more bullish than bearish right now.
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riding the escalator to the window right now.
336.3 is the breakdown yesterday. bulls closing above is good. below a little is questionable.
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testing 336.13 now
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337.6 is the weekly close high. it was rejected all yesterday.
couldve been triggers of limit orders set at that number. but gapping back up again is still bullish no matter how crazy it seems.
bulls want to get somewhere. dont know where. but they're not there yet...
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not to mention. p/c ratio is over 4 right now. really high. and its doubtful the big boys want to give out free money so easily.
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market to slow playing right now. probably waiting to do something at the close of the hour.
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looking for a close above 336.6 to get higher. if they cant do it before the hour close, then there will be a trip south
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bulls took off after closing above. theyre gonna find sellers at 337.2 again most certainly.
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little over extended and missing the mid morning pivot.
p/c ratio dropped to 3.
good time to start a move to test some lower numbers.
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336.6 is first on the list
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slowly chopping sideways. volume fading.
got a drip in the bucket right now. was expecting a quicker pullback to support at 336.6.
market is building up for something. the bulls seem to have a little more on their side at the moment. but the market is in a zone of uncertainty.
bottom line up front: more bullish than bearish. but bears are known for surprise appearances. proceed with caution.
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continual closes under 337.45 seems bearish to at least find a pivot low today.
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above an important number 337.6
this is the all time weekly close high. hitting uncharted territory soon.
expected resistance at 337.95-338.05
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336.9 shows support on the hourly.
bears need to get under and close below to get to lower numbers.