Market Update on ES

The daily perspective closed with an swing failure after exploring some new highs. That should be a sign for a possible bearish behavior.

Moving forward to the TPO profiles we can identify a p-shaped profile and a open below value which is also a sign for a bearish behavior. Currently we have some support at a previous NPOC level. Upper p-shaped distribution shold serve as an area of resistance. For the market is quite rotational, so we should simply wait for some pattern or absorption around the extremes (above current high/low). A test of yesterday’s POC close level is still possible. A break above that level would change the perspective to bullish again in theory.

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