ES has formed a Head and Shoulders like pattern with price action recently breaking the neckline 4260 zone.
Following the break we saw a strong sell to 4100, followed by a strong rally, but technically was just a retest of the neckline and more than likely fueled by shorts covering.
Big day tomorrow for longs in my opinion. I'm expecting a brief pop to the 9ema (purple line), followed by a nasty selloff but anything can happen. Not many people want to hold over the weekend and those that bought the dip yesterday are surely trimming some profits but I'm unbiased as bear markets (or whatever you wanna call it) do fuel some of the best mini bull rallies.
The overall trend is still down short term, so any signs of strength is just another opportunity to reload shorts.... until it isn't.
Any analysis feed back questions or comments would love to hear it drop a message below !
Good Luck Traders !
Following the break we saw a strong sell to 4100, followed by a strong rally, but technically was just a retest of the neckline and more than likely fueled by shorts covering.
Big day tomorrow for longs in my opinion. I'm expecting a brief pop to the 9ema (purple line), followed by a nasty selloff but anything can happen. Not many people want to hold over the weekend and those that bought the dip yesterday are surely trimming some profits but I'm unbiased as bear markets (or whatever you wanna call it) do fuel some of the best mini bull rallies.
The overall trend is still down short term, so any signs of strength is just another opportunity to reload shorts.... until it isn't.
Any analysis feed back questions or comments would love to hear it drop a message below !
Good Luck Traders !