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Has ES Started a New Upleg?


So far, in the aftermath of yesterday's powerful upside reversal from 2050 to 2083, ES (Emini S&P 500) has stalled beneath key resistance at 2080/85.

From a larger perspective, my sense is that the prior decline from 2118.75 to 2050 satisfied the correction of the May 20-June 8 upleg (2022 to 2118.75) and that yesterday's upside reversal initiated a new upleg.

If such a scenario proves reasonably accurate, then the key question now is whether or not ES loops down into the 2065/60 area prior to making a run at 2080/85 resistance in route to a test of 2118.75?

In that today is June Quadruple expiration, my sense is that the last hour of trading will provide us with significant information about the potential upside price path.

My inclination is to wait for a pullback prior to entering new long positions in the index or in index-correlated names.

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