Slope of Hope Blog Posts

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More Downside I Think (by Springheel Jack)

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Short term direction is very tough to call this morning, as the low on ES yesterday was a very nice looking double-bottom on strongly positive 60min RSI divergence. ES tested the pattern neckline overnight but hasn't closed an hour over it. If it does then the pattern target is 1422. Short term ES has been trying to hold the 50 hour MA, currently in the 1408 area. Rising wedges have clearly broken down on the ES and SPX charts and I'm expecting more downside, but that doesn't rule out a strong bounce or even a marginal new short term high before getting that: