ES Hit First Downside Target, But Will it Stage a Recovery Rally Before Friday's Close?

ES (Emini S&P 500) hit a low at 2022.75 at the end of the first hour of trading, and has since bounced to 2028 so far, in what looks like the start of a digestion/recovery period.

Key resistance resides at 2040-2046, which if hurdled and sustained, will be our first signal that perhaps the correction off of the Nov 3 high at 2110.25 is complete.

Otherwise, a recovery that remains beneath 1940/46 will represent a bearish continuation pattern ahead of downside continuation towards 2000.