Last week saw the ES snapping its five-week losing streak. The catalyst? A recapturing of its core bull market trendline from October 2022 on the 6th, triggering a robust 187-point rally. Though the week ended on a lower note, it presented a tactical buying opportunity. ES is currently in a 3-day limbo, fluctuating between 4410 and 4355 since last Wednesday.
The Markets Overnight
🌏 Asia: On the Rise 🌍 Europe: A Mixed Bag 🌎 US Index Futures: Plunging 🛢 Crude Oil: Slightly Higher 💵 Dollar: Mild Gains 🧐 Yields: Strong Upward Trend 🔮 Crypto: Taking a Hit
Major Global Catalysts
US to Ease Sanctions on Venezuelan Oil Industry
Middle East on the Cusp of Widespread Conflict
Key Structures
Some big-picture structures/notable levels from highest to lowest include 4477, 4418, 4408-10, 4375-66, 4336, 4322-25, and 4314.
The goal for Tuesday is to trade level to level, one move at a time. If we break higher today, I am not a big fan of counter-trending, but for those who enjoy it, the 4439 zone would be one spot, as would be 4450-55. If 4366 fails, I would consider a breakdown short after at 4362. Level to level profit takes.
Wrap Up
In summary, we had a great rally yesterday, and now it's time to build a base. My general lean here is that ES can fill out the 4408 to 4366 range. This would then produce another leg up to 4418, 4439, then 4450+. If 4366 fails, we work down the levels, likely to 4325.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
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