Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

After the First Day of Yellen Testimony, Has Anything Changed for the S&P (ES)?

The enclosed chart shows all of the action for 2016 so far. Bottom Line: the dominant trend is down, demarcated by the thick Red Line, which cuts across the price axis this afternoon just shy of 1900.

The near-term trend is sideways, demarcated by the Shaded Area spanning 1820 to 1920, representing approximately the lower one-third of the Jan- Feb down move.

Right now, my work argues that all of the action in the Shaded Area is a bearish digestion period within the dominant downtrend.

When the digestion period runs its course-- provided ES (Emini S&P 500) remains beneath 1900-1920 resistance-- ES should roll over into another powerful decline that breaks 1800 in route to 1750/40 next.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!