$ES #trading setup
Bulls pumped up the market into the Red Target box based on expectation sthat CPI data will be softer and confirn that inflation has peaked. But the data was released in line with expectations:
Now we have a pumped up market into the resistance without a positive data to support it. Bears have a setup to turn ES mini down and play another leg down in subwave -c- of wave (b) down.
To invalidate that trading setup bulls need to push ES over 4,050, the thick red trend line.