E-Mini Sep, S&P is at a Key Inflection Zone
|ES (e-mini Sep. S&P) -- Earlier this AM, we questioned whether or not the overnight low at 2820.50 ended a correction off of the 8/07 high at 2863.50, or represented an initial decline within a larger-developing correction? The ES recovery rally peaked at 2843.75 at the top of the first hour of trading, but reversed, and has been under pressure for the past 2 hours, and has revisited the sub-2825.00 zone (2822.75 secondary intraday low).
Right now, we don't know if this is a retest of the overnight low at 2820.50, or if it is a resumption of the near term dominant downtrend off of the 8/07 high at 2863.50?
In any case, for the rest of the session, we have well demarcated range to watch that will help us determine if ES is putting in a near term bottom, or is on the verge of slicing beneath important support: 2840/43 on the high side versus 2823/20 on the low side... Last is 2824.50
I think I will remain in my counter trend long position in SPXS at 23.33 for a while longer, just in case (last is 23.59/60).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.