Although today’s price action was not what market bulls would have wanted considering how we gapped higher and then trended lower for most of the day, the price wave created by today’s action still keeps possible the read I talked about in yesterday’s
S&P 500 Index Futures Contract (ES) – 30 Minute Chart
Once we see that we are bouncing higher out of a new minor low tomorrow sometime (probably in the morning, then we can watch to see if resistance around that 2726 level (61.8% resistance) will hold and whether or not my read of the bigger price pattern is accurate.
Bottom Line – while not ideal, the price action in the ES today still keeps in play a bigger bounce out of yesterday’s low.
Cheers … Leaf_West