ES ST Trend Bearish on ES under 1129


(click images to enlarge)

The short-term trend has flipped bearish on ES, so out of the cow suit and into the fur for the short-term traders.

The first image above highlights the text for the multitrend rating and the second shows the intratrend signal with present stop and target along with the ideal trade entry zone (the shaded red rectangle).

There were no top spotters preceding this down move (on ES–but was on NQ), so not sure what kind of staying power this sell-off will have in the context of a potential swing top being in place—but the short-term trend remains bearish so long as price remains under the stop reversal line (current at 1129).

Next target is IT support at 1100 but there is also an open gap at 1110.75 on the daily bars that can serve as a price magnet.