ES Short - Failure to break back into Up trend channel
SP has recently broken out of its ascending channel its been in the past few months on news the trade talks might not reach a decision by the 15th. With more volume than previously put on while it was going up, we are forming an flag pattern which looks potentially as a distribution channel with further move to the downside. Looking for a possible short on the retest of the break back into the channel, if price reacts strongly to that level. Looking for a short down to 3080 which coincides with 200sma, if momentum continues, looking for a possible longer swing down to 3020 which is the next biggest support level. Will play this cautiously as this market responds very interestingly to different news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.