Thursday January 21st, 2021
by Mike Paulenoff

ES-- I wanted to point out just ahead of today's open, that last eve's new ATH at 3859.75 placed the price structure right in the upper boundary zone of the dominant Nov-Jan. upsloping price channel, which has capped every upmove since 11/10 (see chart)... All eyes on 3860, which if hurdled and sustained, will position ES ABOVE the upper boundary lines, and as such, poised for a potential vertical acceleration (believe it or not).

Conversely, a reversal to the downside from the upper boundary zone that presses beneath 3815/17 will trigger an initial warning signal that ES is vulnerable to a downward traverse across the channel towards 3710/20... Last is 3847.25

1 21 ES 4 Hr 925 GIF

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!


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