Es Potential for some more downside before we start moving upEs has been in a downtrend for a while now with buyers eagerly trying to dig in a foothold for the next leg up.
These are a couple indicators I have created the right screen is a gap filter range that price will revisit and use as support/resistance before moving to the next one. As you can see today ES has retested the upper range again and we are right back down below it so I am watching for some fresh downside before I look to start taking longs.
The right screen also shows a channel we have been in and an Indicator I created that shows the average retracement ranges of the day and then draws boxes that price will partially or fully mitigate and the boxes will reflect the color (yellow for partial and red for full mitigation).
As you can see the trend has been to clean up some of the most recent ones to make another step down, I will be watching for a reaction if we get down there to start assuming longs. Or we might blast right out of this with news but with todays reaction Im fully expecting some more directional moves down first.