I’ll start with the 5 hour bars on the ES S&P futures to show you just where we are in terms of the downtrend since the January high. We are right there on the verge of a breakout through one channel, but still facing resistance every 5-10 points for the next 50 points.
So they may push higher here, but the oscillators on this time frame will soon be at the levels of their past peaks.
Now let’s zoom in on the hourly bars. They need to clear 4406 to get anything going on the upside. Trend support is currently at 4337, rising to 4348 at the New York open. Hourly oscillators are in bullish territory, but moving sideways. They’re noncommittal.
In short any trading between 4348 and 4406 will be rangebound ne
Meanwhile, the big picture:
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Swing Trade Chart Picks Go Haywire
Gold Consolidates, More Upside Ahead
Liquidity With Eyes Glued to Ukraine
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