ES finished the week with strong close
It reached my previous target of 3923, the start of last bear spike from 9/20/2022. The daily has completely above the EMA, but weekly chart has just touched EMA. It shows the market's hesitation.
- The past 4 days have been a trading range, but most of the momentum is up.
- Market broke 3820 resistance, only tried once to go down. So has to be mindful for another attempt to down. If down, then 3843-50, 3820-3800 would be support levels. Worst scenario is the market breaking below 3758, then the
bullish momentum will be destroyed, the market return to TR.
- If there is a second attempt to down, it will most likely to be bought up. Snce 10/26, 10/27 correction only lasted 2 days, if the market is more convinced of a bullish move after Friday's trend, the failed 2nd attempt to go down should not be longer than 2 days.
- The next bullish target is 4000 round number and 4135 (measure move after BO of 3820, also the start of the big drop of 9/13/2022).
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