Consistently low volatility speaks volumes about an upcoming test of the ES record high.
3K was no problem to S+P futures, with the next technical resistance prior to the all-time high being around 100 points higher.
S&P-500 is obviously bullish, but trying to find some possible stop on the current upmove, I see this price channel being quite extended.
Short-term e-mini rebound is supported by fibonacci and an overnight bear trap. Longer-term the market failed at downtrend line. Risk management is your key to trading success!
ES on support on the hourly, which, if lost, will confirm a local double top. On the daily, ES needs to stay above the support area (see box in the last part of the video). Manage your trading risk!
ES failed on downtrend line and needs to stay above the double top neckline on the daily. Manage your risk when trading!
Post-crisis ES about to battle the lowest fibonacci hurdle. Manage your risk when trading!
ES buyers reacted at the lowest fibonacci support yesterday, which is good, but they need to show more, especially given that according to my experience, bear market moves retest local lows before forming a valid bottom. Manage your risks when trading! Please read the Disclaimer!