ES Attempts to Hold Important Nearer Term Support Ahead of the Holiday

ES just tested its earlier (10 AM ET) low at 2368.00, which for the time being has contained the onslaught, and also represents the next "opportunity" for ES to put in a Double Intraday Low heading into the final hour of this holiday-shortened session. If such a scenario unfolds, then a recovery rally in ES that closes at or above 2400 will improve the near term set up prior to the holiday, leaving it poised for higher (if the indiscriminate tweets are held to a minimum on Christmas!)...

Conversely, if ES is unable to hold in and around 2368.00 with 20 minutes remaining in today's session, we could witness yet another exodus from the long side of the market right into the closing bell. The next lower target zone for ES points to 2340/45... and then 2320 to 2300... Last is 2374.00

12 24 ES Noon GIF
12 24 ES Noon 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!