ECB Return to QE, China Trade Weakness, and Weak U.S. Jobs Report Put the Kibosh on Equities

ES-- Twenty-five minutes after the weaker-then-expected Jobs Report, and we find that the price structure is is trading down 23 points at 2727, just above its initial algo negative reaction spike low at 2726, which we see has entered my first projected lower target zone (2720/30) in the aftermath of yesterday's "Draghi Breakdown" from 2761/64 support.

Inability of ES to recover, and claw its way above key resistance lodged from 2735 to 2743 will ensure that the bears retain directional control through potentially the first weak Friday session during 2019.... Last is 2727.00

3 08 ES 855 GIF
3 08 ES 855 GIF

  • 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!