Setup For A Green Week. Can Bulls Take it? July 6th Plan
Last newsletter was three days ago due to the long weekend (which included one shortened trading day for ES yesterday). While there has been a wild 100 point swing since my last newsletter Friday ES is as of writing in the *exact* same spot. In the 3820s.
Importantly, bulls survived an essential test: I wrote in my last newsletter that since the June low, ES had built a perfect bear flag pattern. Support was 3755-65, and failure of this structure would probably trigger a direct leg to new lows. Fortunately for bulls, it tested today and held, which keeps the upside scenario in tact.
Incredibly, ES is now down 5 out of the 6 months this year. 5 out of 6 red is *very* rare happening only three times since and during the 2008 recession, all of which followed a green month. With July seasonally bullish, setup is here for bulls if they don’t drop the ball. Today, I’ll be talking two critical patterns to watch now, and what the key selloff trigger is