ES - bearish setup
The overnight push up was shaped as abearish ascending flag
Watch the 50% retracement of the Monday decline = 6,036.25
Remember, 6,032.25 is the Weekly resistance
Bears have a setup to drive ES down to 5,987 with possible extension down to 5,972
I would not be surprised to see first a fake breakout of that flag tagging 6,036, the 50% retracement then brutal bearish reversal followed by a break under the lower blue trend line
A failed breakout is the best trigger / catalyst of a bearish leg to a lower low
The key level of support for this morning is 6,007
Watch the 50% retracement of the Monday decline = 6,036.25
Remember, 6,032.25 is the Weekly resistance
Bears have a setup to drive ES down to 5,987 with possible extension down to 5,972
I would not be surprised to see first a fake breakout of that flag tagging 6,036, the 50% retracement then brutal bearish reversal followed by a break under the lower blue trend line
A failed breakout is the best trigger / catalyst of a bearish leg to a lower low
The key level of support for this morning is 6,007
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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.