Breakout For ES Finally: How Long Can It Run? June 22nd Plan
Today, ES put in one of its standard 2%+ bear market rally days, and the largest green day since May 27th. In my last newsletter, I wrote I was holding a small core long position (and still am) writing: “This the spot to put in a relief leg and the trigger would be clearing the consolidation box we’ve been in for a few days”.
We had spend three days building a perfect technical base between 3715-3635 that lasted about three days, and during yesterdays holiday trading session/into this morning, we broke it out, triggering todays 2%+ rally. This is about as textbook as a breakout as it gets for bulls and puts the ball in their court short term at least. The question now becomes how far can this run? In today’s newsletter, I will go over the triggers for this rally, talk upside targets (there are a few very critical ones), then talk the failure points.