Overview: Right now, ES is headed up but upside looks limited to 1008/10 UNLESS the ES can hurdle those with force. The 15min chart shows some bearish divergences, which suggest that 1008/10 is the limit for the next 2 hours anyway.
Details:
ES futures following the bullish scenario in the post below this one. It's interesting to see that the prices hugged my yellow line on the way up; I did not re-draw the line to make those fit.
However, the R levels need to be broken to go higher. Analysis remains the same for next 2 hours, except that 1000.50 makes a better pivot now than 998, and perhaps 1010 instead of 1008. If the bears hold around 1010 then they can begin to force the 20 MA to start sloping downward (on the DAILY charts, the 20 MA is currently flat, while 5 MA is sloped down).
Although it "looks" like the bull sceanrio is playing out, must remember that ES needs to hurdle 1004 then 1008. Last ES is 1004.75 but that's not really a break higher, at least not yet. Also, the 15min chart shows some bearish divergences, which suggest that 1008/10 is the limit UNLESS the ES can hurdle those with force.
I've attached the same chart as the post below. I did not change any of the trendlines. The only thing different are the new candles that have printed as a result of price activity during the night.
It's interesting to see that the prices hugged my yellow line on the way up; I did not re-draw the line to make those fit. But again no break over the 1004 horizontal just yet.
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