Hello Everyone,
Thursday Comments:
For now the bulls have the ball but remain watchful with plenty of resistance overhead. One option is that this is a 4th wave bounce that will taper out and lead to a retest/break of the lows so bulls need to impulse up direct to negate. Level to level in the days ahead.
Tuesday Comments:
The SPX/ES broke below key support (uptrend line from October) after several tests (support weakens after being tested) and then moved down sharply taking out last week's lows and nearing it's 200 day MA just below. Both the 10 Y Yields and US Dollar continue to provide headwinds to the bulls and now uncertainty around the government funding with a leadership void.
Until the bulls are able to reclaim a previous level (ES 4300 currently) the bears remain in control.
ES Support below 4250 and 4230 with resistance at 4275 and 4290/4300
Please take a moment to look at the trade ideas.
