ES is currently in a descending channel after it broke its previous pattern to the upside.
It still has room below on the long term chart (blue line), but intermediate term is the green descending channel described above.
If ES breaks the blue line to the downside, look out below.
The green channel could very well stay intact until CPI data and even into next week's February OPEX.
It's been a messy past few weeks for ES and the overall market. Looking for bulls to take decisive control. But, as always, do not fight the FED. Looking for direction here.
It still has room below on the long term chart (blue line), but intermediate term is the green descending channel described above.
If ES breaks the blue line to the downside, look out below.
The green channel could very well stay intact until CPI data and even into next week's February OPEX.
It's been a messy past few weeks for ES and the overall market. Looking for bulls to take decisive control. But, as always, do not fight the FED. Looking for direction here.