It’s Déjà vu All Over Again

For those that may recognize it, yes, that is a Yogi-ism!  But, it does hold some relevance as I am not sure how many more times I can say the exact same thing about the market.

So, as we know, 4537SPX is our initial support, with 4500SPX below that.   And, it takes a follow through below 4500SPX to confirm that a top has been struck, and the nature of the decline will have to be analyzed (assuming we do not break out over 4607SPX first).

In the meantime, I am showing a potential structure on the 5-minute ES chart attached, which can take us down to the 4500SPX region. But, I will note that if the market is able to break out over today’s high instead of following through to the downside, then it opens the door to a move over 4607SPX.  

So, our parameters remain the same.  Unfortunately, there is not a lot more insight I can provide, as the market is just grinding within he same general region.  For now, we are stuck in the middle.