Market Analysis for Oct 25th, 2022

Oct 25, 2022 - 9:12 AM EDT

ES overnight globex played out as high level consolidation, meaning price action is consolidating in a bullish manner above support and digesting the move.

If you recall, 3730 was our key level going into this week. Yesterday globex bottomed at 3730s and 3750s bottomed at RTH. Then, market proceeded to make a new monthly high of 3822. We expect short/term trend to continue higher into 3820/3830/3850 immediate targets.

Weekly targets remain the same, they were 3820/3900/3950 since last week. Unchanged.

Conversely, a break below 3750 would be first clue of weakness. A break below 3730 will be confirmed a bull trap/breakout failure and rotate back lower into 3680/3830.

Know your timeframes and risk here!
GOOG MSFT earnings later today

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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