ES (e-Mini SPH) Is Testing Yest.'s Pre-Powell Q&A Low

ES-- is trading down around 9 points at 2585.50, which (for the record) is less that 2 points above where it was trading yesterday at 12:45 PM ET when Fed Chair Jay Powell sat down for his second Q&A session in the past week, and for his second chance to reiterate the Fed's newfound "patience" before hiking rates again.

From a nearest term technical perspective (see my attached ES chart), all of the action since Powell started talking yesterday appears to be carving out a near term topping pattern between 2585 and 2600. For our purposes this AM, as long as ES is trading beneath 2590/91, it will remain vulnerable to probing lower, towards next lower intraday support at 2570/74, which if violated, will point to 2460-- the coordinate of the prior pullback low registered yesterday morning.

Only a climb that sustains above 2590/91 will neutralize the current nearest term vulnerability for a press to 2570/74... Last is 2585.75


In using any portion of MPTrader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. MPTrader ( is published by AdviceTrade, Inc. and MJP Market Strategies, Inc., both of whom are publishers. The Web site is maintained by Codexia, LLC and has a marketing affiliation with The Technical Trader. None of these firms or individuals is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Mr. Paulenoff's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Paulenoff's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions and Mr. Paulenoff and employees of AdviceTrade do not have personal positions in instruments mentioned on the site. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results. MJP Market Strategies, AdviceTrade, and Codexia cannot and do not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading index futures can be substantial. You should therefore carefully consider whether such trading is suitablef or you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this service and anytime after ending the service, you agree not to hold any employees of MJP Market Strategies, AdviceTrade, or Codexia or the companies themselves liable for trading losses, lost profits or other damages resulting from your use of information in MPTrader in any form (Web-based, email-based, or downloadable software), and you agree to indemnify and hold MJP Market Strategies, AdviceTrade, and Codexia and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising from your violation of this agreement. This paragraph is not intended to limit rights available to you or to us that may be available under the federal securities laws.