Big Picture Perspective of Emini S&P 500 (ES)

Starting a new week, ES from a Big Picture perspective is perched right near the highs of the 6.2% advance from the 12/22/22 pullback low at 3788.50 to last Friday's (1/13/23) high at 4024.25. For today, the major impediment to upside continuation is the confluence of intense resistance located at the declining 200 DMA, now at 4021.50 coupled with the Upper BBnd Line, now at 4022.00, which IF HURDLED, will create a price pathway toward a challenge of the dominant 12-1/2 month down trendline off of the January 2022 All-Time High that cuts across the price axis in the vicinity of 4125. 

As long as forthcoming weakness is contained above 3880/85 support, last's week vertical assault in reaction to improving inflation data points higher... Last is 4005.00

  • 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!