ES In Bearish Triangle Formation

Good Thursday Morning, MPTraders!  April 24, 2025-- Pre-Market Update: For today's trading, potentially directional POTUS Tariff Headlines and the Technical Setup!  

-- President Trump is scheduled to speak between 12 and 1 PM ET, elevating headline risks... 

-- From a technical perspective, the most salient feature of today's market action will be the juxtaposition of ES versus its 20 DMA. Yesterday, ES climbed as much as 60 points and 1.4% above the 20 DMA, but managed to CLOSE 20 points below the 20 DMA, which preserved the dominant nearer-term downtrend (see my attached Daily ES Chart). 

From a more granular technical view, ES's failure to overcome resistance from 5500 to 5530 preserved the dominant bearish Triangle Formation shown on my attached Hourly Chart. As long as any forthcoming strength is capped within or above 5500-5530, my preferred scenario argues for another loop down toward 5240-5200 within the confines of the still-maturing bearish Triangle Formation that (in-time) will resolve itself to the downside (UNLESS ES manages to climb and close above the peak of the Triangle at 5528.75)... 

Last in ES is 5405.75 with the 20 DMA at 5402.00...