ES: Missed Opportunity for the Bears, or a Top Building Expedition?

ES heading into the final 90 minutes of trading certainly looks like the bear failed yet again to take advantage of a bit of selling pressure that could have inflicted some meaningful damage to the near term uptrend. The inability of ES to press beneath the Weekly Pivot at 2908.00 followed by another sharp "V" intraday reversal argues that a near term correction ended at today's low at 2914.25 (from 2939.75), and as such, a new upleg is in progress that should propel ES to a new all time high above 2947.00... Only a failure to follow-through on the upside, and another loop down to 2915 will morph the near term pattern into something much less constructive.

Perhaps the market's reaction to AMZN will impact the indices into and/or after the close? Last in ES is 2933.00

4 25 19 ES 220 P GIF
4 25 19 ES 220 P 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!