Again stopped at bigger support but todays high is way lower. Market gets more and more bearish. On daily /ES still has a kind of an Bullflag which can lead to way higher highs.
But breaking the grey-marked support zone (which marked has built since 9/9/2020) wouldn't be good, especially would this almost invalidate the bullflag on daily.
Right below that grey level is the organge-colored VWAP (anchored on the low from mid Sept) and short below the blue-colored VWAP (anchored on the ATH from 9/2/20).
Going below would trigger many ppl so sell. I don't know what will happen but I could imagine that the stalling discussions regarding the Stimulus bill will lead to a further converging
of the falling trendline and the grey-marked bigger support-zone. So long momentum stalls and a break out in one or the other direction will be bigger.
But breaking the grey-marked support zone (which marked has built since 9/9/2020) wouldn't be good, especially would this almost invalidate the bullflag on daily.
Right below that grey level is the organge-colored VWAP (anchored on the low from mid Sept) and short below the blue-colored VWAP (anchored on the ATH from 9/2/20).
Going below would trigger many ppl so sell. I don't know what will happen but I could imagine that the stalling discussions regarding the Stimulus bill will lead to a further converging
of the falling trendline and the grey-marked bigger support-zone. So long momentum stalls and a break out in one or the other direction will be bigger.