While we have a long weekend ahead of more Russia headlines which adds some uncertainty, it is tough to spin the immediate price action as bullish for a couple reasons. 1) ES tried to rally, and had every opp to do so. It popped above its 200dma Jan 31st, failed to hold, then this week tried again, even basing below before rejecting hard 2) There was a textbook triangle pattern that formed, and now broke down.
In todays update I will discuss what this breakdown means in terms of price targets, and I will also address the major bearish head and shoulders pattern that by now everyone on Twitter has seen (plus some thoughts on seasonals which are also bearish now). Updated chart is also below