SPY In Grasp Of The Bulls

Good Thursday Morning, MPTraders!  January 18, 2024-- Pre-Market Update: Yesterday's late-session upside reversal increasingly is looking like the conclusion of correction... BUT (there is always a "but")... There is one more technical hurdle to surmount for my work to trigger a buy signal...

From the perspective of ES, my attached 15 and 60 Minute Charts show yesterday's upside and this AM's bullish follow-through right to a challenge of the nearest resistance line that cuts across the price axis in the vicinity of 4796.50, which needs to be hurdled to trigger upside reversal signals. 

Conversely, the inability to take out the resistance line followed by a press beneath 4775 will weaken the pattern off of yesterday's low at 4746.25, and as such, will indicate to me that ES remains in the grasp of an incomplete corrective process... Last is 4792.00...

From the perspective of my 4-hour SPY setup (see my attached chart), yesterday's late-session upside pivot from 469.87 preserved the Nov-Jan. support line, which was AND STILL IS the dominant force impact price direction. As long as any forthcoming weakness is contained above yest's low, SPY remains in the grasp of the bulls, and is heading for a retest of the Dec-Jan high-zone from 476.30 to 478.60... Last is 474.52...

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