Decision Point for ES Into The Holiday Weekend: June 30th Plan
In yesterdays newsletter, I wrote: “My lean is that we drop into the 3795-3805 zone then pop back out to retest 3845-55, then 3890-3900 ultimately”. This mostly played out well: We started off the day with a drop right into 3795-3805, then spiked out to 3840. The problem? Bulls were unable to follow through much, and instead spent the day basing around the 3800 level. This is not ideal.
ES is currently on a quest to do something it had repetitively failed to do since March 2022 and even then, only briefly: Put in two consecutive green weeks (something that even in 2008s brutal bear market, was relatively common with 4 major multi-week rallies occurring). The action into the holiday weekend coming up will be critical now.
In today’s newsletter, I’ll talk today’s trading, how I am now positioned, and why there is a major risk to bulls here and how to trade it.