Weekly /ES could be forshadowing a much stronger market
I was looking at /ES on the weekly because things were looking interesting on the lower time frame charts I spend more time on. Low and behold and this chart is looking like it could be setting up for much higher prices. The recent down move gave us some rebalancing off of the crazy run we have had since late last year and the last two weeks seem to be showing us a bottom may be in for now. Price touched the 21 EMA a couple weeks ago during that OTFD but the last two weeks have been bullish and we are trying to close at the highs again this week.
One concern is that we are approaching a long term Weekly trendline (shown in White) so that may provide some resistance but if we break through and hold you can see where some of the fib extensions go. I'd be looking to long the close if we hold at or near the highs with a stop below 5015 and targets of 5320, 5410, and 5550. Best of luck in your trading!
One concern is that we are approaching a long term Weekly trendline (shown in White) so that may provide some resistance but if we break through and hold you can see where some of the fib extensions go. I'd be looking to long the close if we hold at or near the highs with a stop below 5015 and targets of 5320, 5410, and 5550. Best of luck in your trading!