ES – bearish setup
ES – bearish setup
E-mini S&P 500 Futures CME_MINI:ES1!
The overnight push up was shaped as abearish ascending flag
Watch the 50% retracement of the Monday decline = 6,036.25
Remember, 6,032.25 is the Weekly resistance
Bears have a setup to drive ES down to 5,987 with possible extension down to 5,972
I would not be surprised to see first a fake breakout of that flag tagging 6,036, the 50% retracement then brutal bearish reversal followed by a break under the lower blue trend line
A failed breakout is the best trigger / catalyst of a bearish leg to a lower low
The key level of support for this morning is 6,007
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