Minor Pullback Ahead Of New Upleg?

Good Tuesday Morning, MPTraders!  May 20, 2025-- Pre-Market Update:  

-- Headline Risk Update:  President Trump goes to Capitol Hill at 9 AM ET to "persuade" all Republican members of the House to vote for his Big Beautiful Bill... He will have opportunities to speak to the media from 9 AM ET through Noon ET... At 1 PM ET, a White House Press Briefing is scheduled...

-- The forest for the trees... Yesterday's lower open in ES and AM session weakness in reaction to Friday evening's Moody's Treasury debt downgrade, followed by a recovery rally and close in positive territory, represented a Bullish Engulfing Candle (aka, a Key Upside Reversal Day) that is usually associated with a change in near-term market direction. 

In this particular instance, the 1.4% decline from Friday's high at 5977.50 to Monday's low at 5892.75 should be treated as a completed minor pullback followed by the initiation of a new upleg that so far has traveled from 5892.75 to this AM's high at 5993.50 (+1.7%), en route to my next optimal upside target zone of 6090-6100.

As long as any forthcoming weakness is contained above key technical support from 5920 down to yesterday's (5/19) low at 5892.75, the bulls are and will remain in directional control...

This means that from current prices at 5965, the bulls have a relatively thin bull vs. correction line-in-the-sand support cushion of 1.2%...  Last is 5966.25...  Next Up: Home Depot update after Earnings...