What Next foir ES (Dec. E-Mini S&P)? A Market at Near Term Crossroads

ES-- heading into the final 90 minutes of trading, should we expect lightening to strike twice for the bulls during the PM session today after yesterday's 22 point PM recovery rally? Let's notice on the attached chart that all of the action for the past few sessions has taken place beneath key resistance (formerly three week support) at 2900-2909. The longer ES remains beneath the resistance band, the more likely recent action will prove to be a bearish digestion period prior to downside continuation that revisits the 2870 area for a third time since yesterday (Monday) morning. Bottom Line: the sooner ES can claw its way above 2900-2909, more confidence the bulls will have that a Sep.-Oct. correction is behind us... Last is 2888.25/50

10 09 18 ES 235 GIF
10 09 18 ES 235 GIF

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