Another Buy-The-Dip Opportunity?

Good Tuesday Morning, MPTraders!  April 28, 2017-- Pre-Market Update:  

ES climbed to a higher ATH at 7223.25 overnight before geopolitics once again interrupted the 4-week vertical assault from the 3/31/26 low at 6353.25 (+13.7%):

(FinancialJuice)

June Crude Oil popped from under 98.00 to a two-week high at 101.85 so far (see my attached Oil Chart), and now points to 103.30 to 106.60 next. To regain negative traction, June Crude needs to reverse below 98.00... Last is 100.90...

ES reacted negatively to the news and to the up-spike in Crude Oil. My attached Hourly Chart shows the decline from a new ATH at 7223.25 to the pre-market low at 7155.25 thus far. As long as any acute weakness is contained above 7080, my interpretation of the pattern carved out from the 3/31/26 low at 6353.25 indicates ES has unfinished business on the upside into the 7250-7300 target zone before a more pronounced, sustained correction is expected. 

Bottom Line: Barring a resumption of all-out War with Iran (diplomacy fails), which will return the markets to a state of uncertainty atop an historically rapid advance (a prescription for a violent correction), ES needs to hold support between 7080 and 7135 to preserve the bullish April setup and the expectation of a run toward 7300.

In an ideal setup, current weakness today into early tomorrow represents another BTD opportunity ahead of improving geopolitical news and powerfully positive Mag7 Earnings Wednesday evening... Last in ES is 7156.25...