ES futures ended their overnight rise about where we indicated in the prior post (see the ES 2-Hr chart). They then tried to make a lower overall low today, couldn't, and got down to within 90% of the prior daily low. But, when a new low was not to be had, they rallied back to neutral - the 18-day average of closes, or "the line in the sand" in what is technically an outside day up because although a new low was not made over two days ago, it was made versus just yesterday's low. This is still whippy market behavior and is not trending at this time.
 |
| ES Futures - Daily - Back to the 18-day SMA |
The daily Bollinger Bands are beginning to curve in on price, and the daily slow stochastic is neutral to positive. A reminder that if the low of an outside day up is taken out within the next two trading sessions it would be termed a trap for the bulls.
Have an excellent start to the evening.
TraderJoe
A new post is started for the next day.
ReplyDeleteTJ