Has E-Mini Dec. S&P Put in A Major Low?

A few minutes prior to a press briefing from Secretary of State Pompeo (3:45 PM ET), ES is trying to hang on to its recovery gains. That said, let's notice on the enclosed chart that today's recovery, impressive though it might be, has not propelled ES to the upside enough to inflict serious damage to the otherwise still-dominant downtrend. To do so, ES needs to plow through heavy, consequential resistance from 2772 to 2782. Otherwise, in the absence of upside follow-through strength, my work argues that ES possibly has established the first low within a developing bottom. Last is 2743.25...

10 23 18 ES 340 P GIF
10 23 18 ES 340 P GIF

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