ES Update


(click image to enlarge chart)


ES 1322.25 remains the intraday bull/bear line after a successful test and bounce at that exact line yesterday.

The squeeze continues for countertrend bears trapped from entries below 1322 and the next upside targets are a VST (very short term) resistance band between 1335 and 1339, and then the Stops and Targets short-term confirmed resistance profit target at 1341.50

The ideal short-term buy zone is now located between 1303.25 and 1312.75 and poor gain to risk ratio here (0.40:1) for the initiation of new trades favors a hold of existing long positions (from initial confirmed support buy at 1263.75 through the most recent continuation buy at 1303.75)

Bull stops are presently located under 1291.

All Stops and Targets primary trends remain up > 1303.25

…my .02