Quick ES Daily Analysis - Bullish/Neutral - Building 4 Hour Bull Flag into a Break and Retest
Thursday & Friday we saw a nice rejection off of 4430's backtest. Now we are at a recent break and retest level of 4340-4350 that was resistance for about 3 days from 28 Sep - 02 Oct. I'd say if we want to see more upside, this is where bulls need to hold in order to break above 4430's resistance. We are also sort of building a 4 hour bull flag into this level. We could very well dip back down into the weekly demand of 4265, but on Monday, depending on how ES's overnight acts, I'll be looking for longs in this area.
If we break below this retest zone, ES could put 4300 back in play for the shorts (from a daily analysis standpoint).
Thursday & Friday we saw a nice rejection off of 4430's backtest. Now we are at a recent break and retest level of 4340-4350 that was resistance for about 3 days from 28 Sep - 02 Oct. I'd say if we want to see more upside, this is where bulls need to hold in order to break above 4430's resistance. We are also sort of building a 4 hour bull flag into this level. We could very well dip back down into the weekly demand of 4265, but on Monday, depending on how ES's overnight acts, I'll be looking for longs in this area.
If we break below this retest zone, ES could put 4300 back in play for the shorts (from a daily analysis standpoint).