Tensions remain high as the U.S. and Western Europe expect a Russian invasion of the Ukraine. The military build has continued although there remains hope for a diplomatic resolution to be had. There was a news report that Biden and Putin have agreed to a “summit” and that has produced the 4th wave bounce now underway. As far as the ES goes, the markets did open lower as Globex started on Sunday. The NQ reached a low at 4313 and that level looks to have complete subminute wave 3 of minute wave 3, with a subminute wave 4 bounce now underway. Resistance for the move comes in at 4371 to 4394 but expectations would be for the high of wave 4 to come in below 4400. Expectations remain for the ES to again drop lower to complete the minute wave 3 before again putting in a minute 4th bounce and a 5th wave decline to complete the Minor wave 3. Support remains at 4300, 4288, 4250, 4217. Ultimately the ES continues to have potential for a stronger drop to complete the Minor 3rd wave with support at 4162 to 4100 then coming into play.
February 21, 2022