Es_1
ES: Ripe for a pullbackES has ramped higher since the March lows but we are currently hitting an inflection point. We have closed the initial gap from the decline earlier this year and there is negative divergence on the daily RSI. This is a good R/R short.
SP500 - Cautiously Bullish into the OpenThis week’s signals are bullish and these are so far being confirmed with Monday’s almost 60 Pt gain. However, selling from ahead of June’s top has switched signals in each of the last 2 days to temporarily bearish. These too have been confirmed with Wednesday posting initial losses of 20 Pts. Those losses have been recovered and although there is no clear bullish reversal pattern intraday signals have improved the outlook for Thursday reverts to cautiously positive and the call is to buy on the open and then at 3140.0 with a stop loss at 3125.5, yesterday’s low. Targets are to 3184.0, this week’s top, 3200.0 and 3220.5, June’s high trade.
