I had mixed feelings about the action yesterday and overnight from a directional perspective. On the bull side the early low and grind up yesterday was a classic strong uptrend day and NDX recovered from the gap down to make a new high. On the bear side ES delivered a lower low, the down gap on SPX didn't fill yesterday, and we saw a perfect test of broken ES rising support overnight without a higher high there as yet. Overall I'm cautiously bearish today as long as we don't see a new high on SPX.
On ES the retest of broken rising support was almost picture perfect, rising support from yesterday's low has broken, and a nice little double-top has formed. Immediate resistance is at 1405.75 at the overnight high and the current high at 1408.25. Strong support is at 1393.5 and on any move down today I'd like to see an hourly close below that to open up targets further below:
I've been trying and mostly failing to get these posts out over an hour before the open over the last few days, and that's because the clocks changed in the US the weekend before last, and the clocks in the UK did not. The clocks change in the UK this weekend so the posts should be earlier again next week.
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