ES remains in the long term bull zone. Above higher time frame 618 Fib RT.
Longer term uptrend remains in place if price does not pull back below the 50% Fib RT
Potential postive reaction to Fed Head speeches
Potential further drop in bond yields
BEARISH NOTES
Price rejected at HTF 786 Fib resistance (4600)
Seasonally weak period for stocks.
Potential negative reaction to Fed Head speeches
Deeper pull back to lower trendline (4300) is possible
Bearish H&S pattern still in play
Break of H&S neckline would likely lead to a compound corrective move to the Feb 2nd high and potentially the 50% Fib RT at 4150.
Potential yield move back above 4.27%.
Note
ES_F has pulled backto start the week. I'm using the June 16th high as my bull/bear line. Above it look for price to retest recent high. Below look for a move down to the Aug 16th high. Canadain rate decision due out at 7am pst/10am est this morning which may provide a catalyst for a move.
Note
ES_F Negative reaction to Can rate decision sending price below the June 16th high. Lower target is the Aug 16th high (top of green box). Look for support to come in there. Area also has confluence with the 55 ema.
Note
ES_F hit the downside target at the top of the green box. Price flushed below the Aug 16th high and is attempting to reclaim the level. A move above would be positive. Conversely if price is rejected look for a retest of the lows.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.