Yesterday’s low at 2091/2 SPX (2085 ES) was retested overnight in globex and held. Unless that fails first today the obvious next target above is in the 2114/5 area at trendline resistance. That is supported by the intersection of two resistance trendlines on ES there as well, and if hit that will be a possible top for this move up from the February low, something I would call a candidate high. Ideally we’d test that today and there would be a clear reversal there, ideally into a red close for the day. SPX 60min chart:
ES Jun 60min chart:
This would be a strong setup to finally end this move today and, if we see that test today, I’ll be looking for a swing short entry there. If we don’t see that test today then trendline resistance may be at 2117 or above tomorrow and if we see a break over 2116 SPX then a full retest of the 2134 all time high would become much more likely. This is therefore a limited time setup and we’ll see how that goes today.
