Friday’s trade produced a new all time high in the ES at 4723.50 followed by a quick $49 drop and that was all in the Globex session. The U.S. session was a mixed bag with upside tendencies to close out the November monthly expiration cycle. The current Elliott count also presents a mixed bag 0r an 50/50 probability of producing a strong upside move to new highs or a strong downside move with a break below 4668 in the cards. Under an Elliott view – the ES is either getting ready to break higher in a 3rd wave up — the break lower in a 3 of 3 wave down. I also cover resistance and support areas for both directions. A sideways move would suggest continued consolidation before the decision on direction is known.
September 22, 2022
Thursday’s trade was seemingly slow to get started by once the schedules were set ...