S&P500: Potential lower high top
The daily chart of the ES1! (S&P500 Emini futures) depict a scenario of topping out with a lower high. However, it is currently in a small range of consolidation stall. System Buy signal is currently active, although suspect of a false breakout. MACD firms that perspective as it rolls over in the stall. Confirmation of breakdown should come as early as Friday, or as last as next week Wednesday. Watch for a breakdown of 3100, followed by a breakdown below the 55EMA.
Previously posted about a bullish end to this week, it happened to a limited extent, and suspect of a rollover due to a stall. Still a chance of a slight break upside but limited to the upper range of the red rectangle.
Other leading indicators support the downside bias... will post shortly.
Previously posted about a bullish end to this week, it happened to a limited extent, and suspect of a rollover due to a stall. Still a chance of a slight break upside but limited to the upper range of the red rectangle.
Other leading indicators support the downside bias... will post shortly.
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