ES Update

.

.

After breaking ST trendline resistance at 1346.25, the pros are now into the bear stops above 1357…this is an area of ‘guaranteed buyers’ as bears are forced to cover –and momentum breakout players enter at the first short-term higher high (>1357) after a higher low (1302.50)…

.

..

.

That creates a potential stop sweep/reversal setup around 1357 and that line becomes the new ‘bull/bear line’.  Daytrading momentum is bullish above, but would switch to bearish below.

There are also two key trendline breaks possibly in play here.  The ST resistance breakout came  Friday at 1346.25, and we are nearing the original IT trendline breakdown from 5/4 at 1365.50.  Those two lines may set up a small range if we get selling near 1365.50.  There is also a bullish trident channel in play here and confirmed resistance around the 1379 area if we dont get a pullback after the forced buyers above 1357 are exhausted.

As I mentioned Friday… all eyes remain fixed on 1357 to see if the paradigm shift can stick.

…my 02

.

..