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ES Remains in a Sideways Funk After POTUS Debate #3


Now that the third POTUS debate is history, ES (Emini S&P 500) initially popped from around 2139 after Wednesday's close to a post-debate high at 2144.50, however, in overnight trading, ES has declined to a low of 2132.25 so far, which is oddly reminiscent of the weakness that emerged after POTUS debate #2.

That said, ES has not inflicted any meaningful damage to its very near-term chart structure as it continues to meander below 2140/44 resistance, and above 2125/20 support.

To inflict such damage, ES needs to break "micro support" 2129.25-2126.25, which will increase its vulnerability to revisit much more important support at 2107.

Conversely, only a climb that sustains above 2145 will start to morph the near-term pattern into something considerably more promising on the upside than it is right now.

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