ES: If it keep on raining, the leveee is gonna break! Update

Well, we got the expected sell, but not quite to the 60 area as anticipated. Taking a step back, for the last week, all we have accomplished is trade sideways to accommodate both ends of the bearish wedge. OF note, is that since making the high on 1/10, we have thus far had a series of lower highs and lows. Perhaps a the beginning of a decline given the anticipated news cycle from across the pond. An excuse to meet downside targets. So far, it is conjecture, but a break of the 60 area could see lower prices.I still believe that the levee is likely to break up before breaking down but not going to hang my hat on it.

Comment:

Well, the much vaunted Brexit vote came and went and the levee did break! . Not a stir in the market. An ominous sign if you ask me. I think the market is on a mission and till accomplished nothing will derail it. We did get a push back on the first attempt in the 2607-2610 area. Now we are headed likely to the 2623-2630 level. Lets see what tomorrow brings. IN any case, the bearish scenario now is likely only below 2597 a but that should accelerate below 2677. Till tomorrow.