Bulls Remain In Directional Control

Good Tuesday Morning, MPTraders!  December 10, 2024-- Pre-Market Update: Waiting for the next macro catalysts: inflation data tomorrow (CPI) and Thursday (PPI) overlaid on a potentially powerful seasonal Xmas, year-end, FOMO rally... 

In the past 24 hours, the equity indices could have exhibited more more weakness in reaction to the destabilizing events in Syria and the Mid-East, and in response to China threatening the US chip industry (NVDA). 

However, since last Friday's new ATH at 6111, ES has declined to last eve's low at 6057.50, or down all of 0.9% despite the "negative news" sighted above. 

From my near-term setup perspective shown on my attached Hourly chart, as long as any additional weakness is contained within or above support lodged between 6050 and 6035, the dominant November-December uptrend will remain intact, and as such, my technical bias will remain to the upside for another burst of strength to new ATHs projected next to 6140/60, in route to 6100... 

From the bigger picture perspective of my Daily chart setup, as long as any forthcoming weakness is contained above the 20 DMA (6015) on a closing basis, technical damage will be kept at bay, averting downside vulnerability to 5900-5920... 

Bottom Line: From Hourly and Daily composite setups, as long as any weakness is contained above 6015 on a closing basis, the bulls will remain in directional control heading into the seasonally bullish second half of December... Last is 6066.75...