$ES: The Monthly Resistance Stopped the Morning Spike

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$ES #ES-mini #trading setup

In two previous updates (here and here) I noted:

“Last week S&P completed a Monthly Opening Range for April. The Monthly support is 4,099. The Monthly resistance is 4,171.75. Now direction of a break out of that range would define direction of the next big move during the following two weeks.“

I also noted that failed attempt of bears to break under the Monthly support 4,099 followed by a break over the micro resistance 4,131 was a bullish sign and an argument in favor of the bullish scenario:

ES-mini , 120 min chart

This morning CPI release caused an emotional spike up to the Monthly Resistance 4,171. The resistance has held and bears pushed ES down back onto the Month Opening Range. But that decline failed to make a new lower low. Therefore the result of the day is a new higher high and another higher low. That is a setup for bulls to start another rally.

The micro resistance for Thursday is 4,129. A break over that level would confirm start of a new rally.

To invalidate that bullish count bears desperately need to push ES under 4,096.

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$ES: Two Path Leading to 6,000

$ES #ES-mini #Elliott Wave I have been tracking two scenarios and both allow bulls to push ES-mini to 6,000. Let’s

CastAwayTrader September 13, 2024

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