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 and Oil Still Attached at The Hip, but Bumping Against Important Resistance


Just after 10 AM ET, ES (Emini S&P 500) popped to a new, recovery-rally high at 1943.00, taking out the Feb 1 high at 1940, which also looks like it completed the larger "W" bottom formation.

So far, however, the climb to new highs has not triggered upside continuation and acceleration off of "the bottom" towards a potential target zone of 1970/75.

That said, disappointed longs likely will not pull the plug unless, and until, ES breaks nearest trend- line support, now at 1915.00.

Meanwhile, Oil too, is bumping up against key resistance at $32.00, but still has yet to clear that hurdle, potentially in route to another test of $34.00/80.

  • 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!