ES and possible juncture points
ES is making a a recovery upwards with the bulls entering at the halfback.
Now ES could be setting up for a bear trap. At 5532 it hits yearly R2 pivot which coincides with a 50% retracement upwards from the low. At that point be alert to some consolidation and then a second move down from that point.
The alternate scenario is that it will consolidate and resume an upward movement towards the swing high. Odds favour this scenario not happen because it doesn't fit the seasonal pattern and more objectively, on balance volume is heading lower, pointing to price weakness.
Now ES could be setting up for a bear trap. At 5532 it hits yearly R2 pivot which coincides with a 50% retracement upwards from the low. At that point be alert to some consolidation and then a second move down from that point.
The alternate scenario is that it will consolidate and resume an upward movement towards the swing high. Odds favour this scenario not happen because it doesn't fit the seasonal pattern and more objectively, on balance volume is heading lower, pointing to price weakness.
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