Bullish Bias Intact - Market Analysis for Jul 2nd, 2024

ES-- When Chairman Powell started speaking at the ECB Forum, ES was trading at 5516. As he spoke about progress in bringing down inflation, ES climbed to a high at 5535.75, which technically I see as a thrust off of the sharply up-sloping 20 DMA-- and the conclusion of the 6/20 to 7/02 correction. As long as any forthcoming weakness is contained in and around 5500, my bullish bias remains intact, with ES starting a new upleg that will challenge the June Double High at 5585 and 5588... Last is 5530...

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