- ES Has given a breakout of the channel as discussed below.
- Now price sustaining above 1334 and 50 Hour moving average will extend gains for Bulls.
- ES four hour chart with resistance line. Last 3 times when price hit this trend line the Price action confirmed easy shorting opportunities.
- But now price is trying to violate the resistance line so a breakout may be on the cards.
- Price in hour chart is staying above 50 Hour moving average. So A fall below 50 Hour moving average may give a deeper fall. As long as price stays above 50 Hour moving average a breakout is possible.
- SPY WEEKEND UPDATE