ES Morning Update April 27th 2023
We dropped a little lower yesterday but overall it held the support zone I was looking at. It also looked and felt like a wave 4 and 5 of some degree with Monday and Tuesday doing the wave 3 down. So odds are that’s the bottom yesterday of the move down from the 4/18 high, and that we are now in the bounce move.
This move should last into the FOMC I think and probably retrace about half the move down. Just an estimate of course that’s the “norm” for a move that happens in a market that is mixed, which I thinks that’s where we are now. We are in a bullish trend for the intermediate period but bearish short term… and really short term (now into the FOMC) we are neutral. I’d expect chop on Monday and Tuesday if we rally up today and tomorrow.
Resistance is around the 4130 zone on the ES as that’s the support area the market bounced at before the breakdown this week. That’s about all I see for now. Have a blessed day.
Source: https://reddragonleo.com/2023/04/27/es-morning-update-april-27th-2023/
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