$ES #Macro #Daily #i down – ii up setup #trading setup
Last week bears managed to break under support 3,945:
Since then ES-mini has been consolidating in a shallow pullback that is supposed to be followed by another leg down that will most likely test the October lows.
It is possible that the consolidation stage is over and a new leg down has started. However, if we look at 30 min chart below we can see that bulls still have a chance for another bounce before another decline starts:
I expect the market to be lower in two weeks. The question is whether we get another dead cat bounce before the next big drop.
We will start a new trading month and a new year next Monday. The first three trading days of a new month create the Month Opening Range, an important range that will impact trading during the whole month. Quite often we get a countertrend move during that volatile period.