ES Pierces Important Near-Term Support Near the Bottom of the July-September Trading Range

Let's notice that ES (Emini S&P 500) pressed right to its key initial support level at 2154-- hitting an intraday reaction low at 2155.75-- and has bounced a bit to 2158-2160 in an attempt to hold that key area, which, if violated and sustained, should trigger downside continuation that tests the Aug pivot low at 2141.50-- a much more critical support level that must contain the weakness to avert ES locking-in an Aug-Sept Top Formation.

  • 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!