Stair-Step Downmove in Emini S&P 500 (ES)

For starters, let's take a look at the pattern set up in ES... Keep in mind, that after today's close, AAPL reports earnings, and tomorrow morning, the April Employment Report will be released...

ES-- Whatever the Fed (Powell) did and said yesterday certainly failed to provide equity investors with a warm and fuzzy feeling required to "back up the truck." More to the point, it seems as if the Fed is stumbling around in the dark and is knocking over end tables and lamps before it smacks into a wall. 

My attached Hourly Chart shows the stair-step downmove from the 5/01 high at 4206.25 to yest's post-Fed low at 4075 (-3.1%), which followed my near-term negative scenario for a retest of last week's (4/26) pivot low at 4068.75. So far, that low has contained the weakness, but unless and until ES reclaims 4118, my pattern work argues for ES to break 4068.75, which will leave the index vulnerable to downside continuation to a next target zone of 3980 to 4010... Last is 4092.50...

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