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.

ES Just Not Acting All That Inspired By Overnight Oil Bounce off of $30.00


Will the direction of Oil determine every wiggle in ES (Emini S&P 500) today?

So far, the upmove in ES is coincident with the pop in Oil, but does NOT look and feel impressive-- like other extreme, oversold recovery rallies in the past years.

Maybe it is just me, but the behavior ES given the intense negative sentiment and high-profile, institutional, Wall Street bearishness is worrisome.

That aside, purely from a technical perspective, ES must chew through key resistance between 1945 and 1965 to get any meaningful, upside traction.

Otherwise, I will be looking for yet another loop down to retest the 1900-1890 support zone.

  • 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!