Here is a quick holiday look at the ES going into Dec 27-30. I am not trading again until the new year so I will keep my analysis short. The ES tested the ATH last week after finding support once again at the 55 SMA. Going into this week price is consolidating near the ATH in an ascending triangle. It should be noted that price has reject hard at the 4740 level and that most of the volume is coming in lower at the 4700. For a break out to happen price must get above and then find support at the 4700/4750 zone. Below that price is likely to fall back to the ascending trendline and the 55 SMA. A break below the 55 SMA and the 4600 level could take it back to the early Dec lows. We aware that low volume holiday trading can be for difficult.
Merry Christmas!
Merry Christmas!
