Just two hours back, you read it here:
“Despite the seeming weakness at the opening bell, the bears could not push S&P 500 Index #SP500 #SPX #SPY #ES even into the 2715-2705 consolidation band today so far (11:45am EDT), unlike the last two days”.
As if the bears took offense to those words, the index was pushed down to 2714.99 within two hours!! Yes, 0.01 deep into the 2715-2705 consolidation band that we have been talking of all week!
The failure of the bears to barely scratch into this band shows how weak the bearish bias is. Caution should be exercised if short selling into the weekend.
Both our short term and medium term models indicate that we are in bull territory while above 2700. No bear in sight until below the 2680-70 band.
Trade smart. Trade safe!
The “outlook for Tue, 05/29” will be published Monday evening. Stay tuned. e-mini ES traders on Sun/Mon can still use the current model levels to guide their trading, as it is unlikely to change heavily during the US holiday hours.
Have a great weekend!
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