Will the direction of Oil determine every wiggle in ES (Emini S&P 500) today?
So far, the upmove in ES is coincident with the pop in Oil, but does NOT look and feel impressive-- like other extreme, oversold recovery rallies in the past years.
Maybe it is just me, but the behavior ES given the intense negative sentiment and high-profile, institutional, Wall Street bearishness is worrisome.
That aside, purely from a technical perspective, ES must chew through key resistance between 1945 and 1965 to get any meaningful, upside traction.
Otherwise, I will be looking for yet another loop down to retest the 1900-1890 support zone.
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