ES Recovers Into Open

ES heading into the opening bell has recovered 50% of yesterday's swoon and downward traverse across the 12-session range between 4535/50 and 4600. I suspect that with the Jobs Report looming large before tomorrow's opening bell, that ES could very well gyrate and circle in and around 4575/80 for the next several hours before the next directional catalyst is unveiled... 

That said, let's be aware that UNLESS and UNTIL weakness inflicts technical damage to the dominant Oct-Dec. advance (4122.25 to 4607.75) by breaking nearest support at 4535/45, the underlying trend remains UP, and as such, "surprises" figure to be to the upside... Last is 4575.50... 

And then there is the matter of yesterday's Bearish Engulfing Candle, which so far has NOT elicited follow-through selling pressure...

  • 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!