es 5-23 update
Updated
good evening,
spx500 is not looking so hot anymore.
currently backtesting the midline of the descending channel, which is also in confluence with a major level.
failure to push above 3950, and the spx500 will continue to spiral down.
----
on a positive note, we have some bullish divergence starting to print; perhaps a few more pokes at the lows, and we'll be able to get a definitive reversal.
spx500 is not looking so hot anymore.
currently backtesting the midline of the descending channel, which is also in confluence with a major level.
failure to push above 3950, and the spx500 will continue to spiral down.
----
on a positive note, we have some bullish divergence starting to print; perhaps a few more pokes at the lows, and we'll be able to get a definitive reversal.
Note
if es could get back above the midline of this bear channel, we could see continuation for a week or two. thenext few days are important.
if a successful breakout takes place, i will entertain it from this perspective:
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