Sunday Homework

The bulls cleared the neckline of an inverse H&S on the 4 hour and tested the scene of the crime of the last selloff on that time frame. They tested and it failed to hold into the close. I was away from my desk so do not know if that was news based, but it was an ugly closing candle on the daily for bulls. The stocks are still overbought on the daily and bulls really need to clear 3511 to change the short term trend.

I would feel comfortable going long near 3420 and you have stuck longs around 3481ish that shoulder offer resistance on any rally.

Just have to see how it opens in a few hours. That 3420 trade is null if the bears take 3412 and that might be too much risk for some. Use your own judgement.

ES daily

ES 12-20 (Daily)  7_23_2020 - 10_16_2020.jpg
S&P 500 Emini Futures Daily Chart

ES 4 hour

ES 12-20 (240 Min)  10_16_2020.jpg

ES five minute

ES 12-20 (5 Min)  10_16_2020.jpg

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