ES short opportunity - bears in short term control
As posted last weekend, the convergence of two parallel channels had finally met at the 5695-5700 zone. (Shown in the yellow box area). As mentioned, shorts would be difficult until ES loses a support. ES continued higher at the beginning of the week, but soon lost its support. The short opportunity presented itself for those who were awake when ES lost its support just below 5700.
Will ES continue to the bottom of the red channel? Clearly no one knows, but the swing trade was available for those who took it and we are now 150 points below.
This week, ES will need to regain a support and if it can, then we may retest the 5700 area. There is a lot of work left for it to do. Bears are in control and I suspect we probe a little lower and hopefully regain some support later this week for a move higher.
Will ES continue to the bottom of the red channel? Clearly no one knows, but the swing trade was available for those who took it and we are now 150 points below.
This week, ES will need to regain a support and if it can, then we may retest the 5700 area. There is a lot of work left for it to do. Bears are in control and I suspect we probe a little lower and hopefully regain some support later this week for a move higher.
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