ES Flirting With the 53.6 Fib Retrace.
ES seemed to be heading back towards the 23.6 Fib retrace level after breaking it briefly before putting in a new YTD LOW.
It's interesting to point out that the DAILY chart on Oct 5 and Oct 6 actually tested the trend line of the low from March 23,2020.
The DAILY candle for today Oct 18, 2020 is a pretty "bearish" signal even though the previous candle is a pretty strong bullish candle. I expect if buyers come in on good earnings reports, we could see the 23.6 Fib (3808.50) level tested. and if broken I would expect 3845 would be tough resistance.
To the downside, 3724 area provided some pretty tough resistance so thats not a terrible target for shorts.
It's interesting to point out that the DAILY chart on Oct 5 and Oct 6 actually tested the trend line of the low from March 23,2020.
The DAILY candle for today Oct 18, 2020 is a pretty "bearish" signal even though the previous candle is a pretty strong bullish candle. I expect if buyers come in on good earnings reports, we could see the 23.6 Fib (3808.50) level tested. and if broken I would expect 3845 would be tough resistance.
To the downside, 3724 area provided some pretty tough resistance so thats not a terrible target for shorts.