can tech keep carrying?
Hey team.
We've got another market brief on $ES for you.
Let’s discuss today’s session and see what’s next for the markets!
Impact Snapshot
Jobless claims stay near a 10-month high
Market Evaluation
Stocks retreated after a rally to all-time highs spurred calls for a near-term pullback amid signs of buyer fatigue.
Bullish momentum remains intact for the S&P 500 and Nasdaq, but near-term overbought conditions coupled with deteriorating breadth make equities vulnerable to a pullback or correction.
While the S&P 500 has set 31 new records this year, few of its members outside of technology have participated in the advance.
Investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year.
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Markets Breakdown
Today was a typical bull trap with the market wiping the overnight extension with a pullback right back into balance.
Our view this morning posted on X here gave clear warnings that this market was over extending to the upside with absolute no confirmation of acceptance of higher prices.
Market followed up with an initial pullback & bounce off of the pivot at 5564 then settle before we rotated back inside Monday’s value, completing our bearish scenario for the day. Read the update here.
Heading into the weekly close, the market has now established a 2-day balance range inside and Thursday’s session has left a double distribution.
Monday’s range has still left a lot of single prints and like we’ve said previously, market likes to return to fill these back in at some point.
Any meaningful continuation will want to see acceptance back inside the upper distribution with a flip of the key resistance 5561 as support for upside follow up while on the downside, we still got plenty of room to rotate lower to fill these single prints with support at the highs of the previous range.
ES
Some points of references going into weekly close:
Upside Levels: 5561/5575/5595
Downside Levels: 5518/5504/5493
That’s all we got!
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