As mentioned in yesterday’s note, ES had failed at the 5604 Resistance pre-RTH but had recovered to test that level again as I wrote. As it turned out, ES quickly failed again at that Resistance (dashed line on chart) and subsequently declined to approach the 5505 target indicated in note 03/11.
ST: First sign of minor strength would be time printed above 10day Resistance at 5592. In my time-frame that wouldn’t be enough to consider new longs.
