Key Support Line Must Hold

Thursday, September 15, 2022-- Mptrader Pre-Market Update: ES

All eyes should be on the June-September Support Line (see my attached 4 Hour Chart), which is tied together by 3 points (7/14, 9/06, and 9/14), and cuts across the price axis in the vicinity of 3930/31 during today's session and MUST CONTAIN any forthcoming price weakness to avert the potential for a violent downside extension of the post-CPI implosion from 4175 to 3929. 

As long as the support line remains intact as viable intermediate-term support, my near-term work argues for a grind higher that needs to climb above recent resistance at 3980/82 to gain upside traction towards a test of 4000, and thereafter, to test the Weekly Pivot at 4025. 

That said, however, the longer ES remains below 3980/82 resistance, the more precarious and potentially dangerous for the bulls... Last is 3956.50