ES Update

Screen Shot 2015-07-27 at 9.33.09 AM

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ES has now made it back to the overlapping ideal entry zones for ST and IT.  If it is going to bounce, this would be the most likely spot.

Next targets below are…

-bullish trident channel bottom rail, currently near 2054
-IT primary trend line at 2049.25
-open gap at 2041.25
-rising ST trendline support, currently near 2037
-and finally, the ST range bottom at 2034.25

If they take out 2034.25, there are likely large numbers of trailing stops for bulls located just underneath.  If the pros decide to go there, then 2034.25 would become a potential stop sweep/reversal candidate.

If we do get a bounce, a short squeeze could potentially take us back up to test 2126.25 if there are enough bears on board to fuel it.  If not, then the bears are back in business under 2034.25

…my .02

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