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 Remains Extremely Stubborn on the Downside, While Oil Cannot seem to Catch a Sustained Bid


If nothing else, then yesterday's decline followed by this morning's bounce reinforces just how stubborn ES (Emini S&P 500) remains on the downside, and how easily it rallies.

In the absence of a break below 2150, which held yesterday's decline from 2170, the dominant post-Brexit uptrend will remain intact, and the past of least resistance, still up (remarkably).

Barring a break below 2150, more strength in ES to the 2195-2200 target zone cannot be ruled out.

As for Oil, if this week's lows at $43.69 and $44.25 are a double bottom set-up to conclude the June- July correction, then Oil must climb and sustain above resistance lodged around $46.00.

At the moment, the oil bears still have directional control.

  • 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!