The market behaved a little differently than I expected last week when the ES rallied off the lower 1220 support. I had mentioned in an earlier post that if the up-trending support (1218-1223) on the ES was tested for what would be and what was a sixth time, that it would likely not hold. I expected further selling to push the ES down into the 1180s. This did not happen (yet) and we saw buying move the markets higher to end the week.
The current rally has not changed my overall sentiment and I continue to be bearish in the near-term.
Resistance above on the ES at 1263-1264 and 1268-1270
1st target to the downside: 1226-1227
2nd target to the downside: 1184-1186
I am biased to the short-side and will look to sell rallies unless the ES can close above 1270. If that happens, the ES will likely test the 1290 resistance next.
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