Yesterday was about as textbook as it gets from a technical perspective: ES lost its very precise rising trendline from October (which caused Octobers lows, Decembers low, and both January lows - in red in my chart). Every bounce off this line got smaller and smaller (a sign of demand weakening), then it finally cracked at 4610, triggering a big leg leg down. We held my 4530 2nd support zone indicated overnight, and we are now relief bouncing. What happens from here will determine the next week or two and big day coming. Here’s what I’m looking for (chart and trade plan below)
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