SP500 at critical level now. SP500 and other markets are making new high’s. On the swing trading time frame’s, we saw some interesting price action. Action that possible cause the markets to pull back if the resistance holds.
Below is the 1h chart for the $ES Emini SP500 futures. Since Tuesday market US open, we have been consolidating between 2138.75 and 2146.00. We have had some “distortions” but overall the pattern is holding.
By consolidating some of bullish momentum is leaving. If the resistance doesn’t break soon, we may be going through a pull back. It is hard to determine if it will be a major pull back or minor until the support is broken at 2138.75.
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