Monday 9:02 AM AM PST
ES 1058 is impt level now... bulls want to push above that... unles they do the charts indicate more downside to ES. Watching to see if a small inv HS dev in 15min chart...if that happens then target would be 1060. Right now, however, ES still looks headed lower for 1046.
Monday 4:00 AM PST
The ES appears to be playing out the M formation double top i mention below with 1046 as a target. There is also a small 3min double top that points to 1054. See if ES bounces or holds 1054. If ES stays under 1056 then it should be on the way to 1046, but of course we are in low volume overnight so it can find support anywhere.
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ES 1056 is an important area to watch. As I mentioned on Friday, the ES hit a low of 1056 Friday pre-market but never went that low to retest it during market hours on Friday.
Right now, it's still early, the ES gapped down at 1059 on the Sunday eve open, made a low at 1057.50 and is now at 1059. The 1056 has not be re-tested, ES held at 1057.50 for now. There are many hours of futures trading so anything can happen. We will need to watch to see if the ES fills the down gap, breaks below 1056, or just trades in the 1056 --- 1064 range.
The gap down has made the double top M scenario much more likely, if 1056 breaks and sustains then the bear dbl top is confirmed...but of course the premarket afterhours graveyard shift is known for its shenanigans...can reverse higher b4 9:30 AM...will wait and see
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hey chris shortie from over at MP, this breaks 1057.50 don't see anything on the 60 to even slow it down till 1050
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