With no major news due out this week (as far as I am aware) ES ought to reach 4200 and maybe the upper channel by EOW.
I anticipate sideways consolidation PA over short term… Handle build out for Cup & Handle formation appears to be where we’re going! That would be sideways to slightly down consol…..
Looks like a down day to me, but maybe 4150 will reverse this. Will take a short down to 4135 if we don't find support around 50. Waiting and watching for now. There's a lot of potential support below, so it's not an easy short.
Reversed off 4150 for now. FBO off the LOD. Let's see if it's just an initial bounce or if we actually found the LOD here. Not too late for this day to reverse and go higher by the Close, but it's a bit uncertain here at the moment, IMO. Not easy to short either with so much support below. I'm taking a stab at the long side here (55) with a small stop. Add at higher prices if we get lift-off. EDIT: Structurally, unless we see a strong move above 60 now, this type of day still favors a move lower by the Close. So, not relaxing until I see some bidding here... This might very well just be a retrace before the next leg lower.
NQ wants to go lower, but every spike down is bought. Tricky day indeed. I stopped out for a 5 point loss on that spike down. Not trading the short side here as I see a lot of potential bids below, but will re-enter long if I like what develops.
FWIW, my statistical model gives fairly low odds of a new high by the Close here. Let's see if it's any good. Good chance we're looking at an Inside Day here and an account churner with false breakouts in both directions. I'd be happy to see a move above 4160. I don't think I would expect much more today. Anyone see anything else on the table?