Short-Term Bulls In Full Control
By
Ricky Wen
The Emini S&P 500 (ES) closed Thursday at 4014.25, and on the Friday holiday session closed at 4027.25 with a high of 4038.
Price action remains trending on top of 1hr 20ema and 4hr 8+20ema, indicating that short-term bulls are in full control since the breakout/acceleration of last week’s structure.
No surprises yet as price action broke out methodically and fulfilled first targets of 3976/4000.
Price is just following our 4hr white line projection into 4000+ targets.
Be warned that 4050-4078 will be a tough zone and unlikely to get through on first try basis so we plan on trimming profits into strength as we nailed last week’s low setup across multiple instruments. Adapt accordingly and know your timeframes.
For now, utilize ES 4012/4000 as immediate trending supports to gauge momentum. Bulls have full control when above and likely some consolidation/digestion if below.
Price action is outside upper daily BBands at the moment, so getting short-term extended.
