I wrote Thursday I was ‘leaning to the Bullish side in the ST but price back below 6956 would obviously not be welcome‘. Shortly after the RTH open, ES broke below 6956 and then a straight-down decline, a consolidation, and a late-in-the-session test of the major at 6853.
read this post on Substack
As I have noted many times, a quick rush back to the major Control is what happens when the market is spooked by an event/news/uncertainty and there’s a urgent need for balance. In the longer timeframe there’s no need for panic but ES must hold the major which has migrated slightly to 6847.5.
ST could easily see a test of 6800 or lower but hopefully a bounce – a weak Friday relative to Mon-Wed range is usually ST bearish, last seen in November (see note 02/06).
