Weekend Wrap Up: Biggest Rout of This Bull Market Continues; Some Hope For Bulls

Today wraps up the 3rd straight red week for ES and it was a rare one: At 5.69% down, this would be the biggest red week of this bull market cycle, with nothing larger since Feb 2020. On top of this, ES closed below its 200dma from above, which is also the first time its done this since February 2020. It the week on the lows, after a highly complex trading day (OPEX Friday - not surprising) that saw plentiful traps. I was looking for a relief bounce day with the maximum low bulls wanted to see being 4380, and ES tried in the morning, and closed - quite interestingly - right at 4380. Not a bullish end to the week and quite likely, some more selling next week before a good relief rally attempt. Here’s what I’m looking for