Bears Remain In Directional Control

Good Wednesday Morning, MPTraders!  August 16, 2023-- Pre-Market Update: TGT Earnings before the open (already out)... CSCO Earnings after the close...  Fed Minutes from the July FOMC Meeting at 2 PM ET... 

First up: ES, which we see on my attached Hourly Chart remained very subdued in overnight trading, still confined in a multi-hour range from 4447/50 on the low side to 4465/67 on the high side, the resolution of which will be consequential for the dominant downtrend pattern shown on the chart.

A resumption of weakness that breaks and sustains beneath 4447 will leave ES vulnerable to downside continuation toward a 4400-4410 next lower target zone from where we should be alert for signs of near-term downside exhaustion.

Conversely, a climb above 4465/67 will position ES at the lower boundary of my Gray Zone that extends up to key trendline resistance at 4500, which if taken out, will inflict serious damage to-- and neutralize-- the July-August downtrend pattern.

For now, the bears remain in directional control... Last is 4457.00...

Next Up: TGT and TSLA...

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