That MACD is highly concerning for Bullys... as is Relative Strength ... as is the 2332 TL.......... I will agree with B , that the more simplistic the chart, the more meaningful it is.
ES and SPX are long biased markets even in downtrends. One can always buy dips even in bear markets and make money.
Again I'll throw in a simplified volume analysis of RTH ES. The increasing, but non-accelerating volume of the last 4 trading days has created an inflection point for shorts to consider flattening, and for the more aggressive to whom the heightened daily volatility is acceptable, a reverse to long, but only as a trade. As previous, 2792 or so negates shorts in this analysis. With a 100+ handle zone, adjust to your own taste. @Spooz Top 2 mentioned the 2720 area "should" have held yesterday. I'm saying on the daily, trading above and definitely on a close today 2715 or above solidifies the cause for shorts to take profits, for the moment. Volume will be important on such a move. Right now news is a driver... BREXIT, ITLEXIT, tarrifs, a dose of possible return of regulations in the USA, etc. I know how to read music though. On the topic of different assets being connected... all of those mentioned, US-stocks, ES, GC, CL are connected in AT LEAST one way... the USD. Holders of Euro and Euro denominated assets are down almost 6% YTD in currency value. Similar for some other majors. Naz is still up YTD. As @mastacoli71 hinted, some people just won't get it. I'll stop posting about the Daily now... I don't use it to trade. It's just something different for me. Trade On!
I like this pullback right before opening for a nice spring board for a day/swing trade. As I said yesterday, I anticipate a huge upmove into closing today. We'll see if I'm right.
That was quick! Taking +10 on half here at 2677 already stop at b/e on rest will take other half at maybe 2637