CME_MINI:ES1!   Contrats à terme E-mini S&P 500

Once again the daily clouds worked perfectly well in rejecting the entry of the clouds resistance area .
Potential mirror effect (mentioned yesterday !) in progress...

Yesterday's closing (4577.50) was slightly above the Mid Bollinger Band (4542.50)and today's ongoing price action is showing an
attempt to breakout the former Mid Bollinger Band resistance which became the new support level to look at.

Indeed , a closing level, later on today below the Mid Bollinger Band or even more convincing below the 4'500 area (as a gentle reminder,
this level is the trigger level of the broad double top formation which is still alive !) and also the Kijun-Sen (4'510) would put again the SP 500 in growing trouble.

Below watch the Tenkan-Sen @ 4'400

RSI below 50 @ 48.82 !

On the upside, no secret, watch MBB ahead the clouds resistance zone (4612-4652) and only a sustainable move above the clouds would force
to a view reassessment, calling for lower levels.

4 HOURS (H4)

Still in a sideways price action with a slight downside bias; Mid Bollinger Band (@ 4'514) in support in this H4 time frame; a breakout on H4 closing basis
would open the door for 4'500 ahead of 4463, 4426 and 4388 the latter level being the 61.8% Fib ret of the last 4266.25-4'586 rally.

Potential extension towards the bottom of the clouds support zone @ 4334 which is also the 78.6% Fibonacci retracement .

1 HOUR (H1)

Currently below :

1) The cluster ( TS , KS and MBB ) !

Below the next support area to look at is the hourly clouds (4521-4459)

Interesting to note that the bottom of the hourly clouds coincides roughly, also with the 38.2% Fibonacci retracement previously mentioned in H4 comment.

Have a nice trading day, "may your long goes up and your short goes down".

All the best and have fun.

Ironman8848 & Jean-Pierre Burki

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