S&P500 (ES) Weekly MACD Negatively Crossing

Tradable Patterns (https://tradablepatterns.com) provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

The S&P500 (ES) is tiring in today's European morning, and is appearing vulnerable to renewed selling pressure. Despite yesterday's break above downtrend resistance (on the 4hr chart) appearing bullish when looked at in isolation, ES still arguably remains within what can be described as a bear flag. Although the daily and 4hr RSI and Stochastics suggest indecision today, with the weekly MACD only just begun negatively crossing, and the daily MACD still sloping fairly negatively, odds favour the bears this week. I am short as of yesterday at 2634, targeting the green zone for Thursday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

S&P500 (ES) Weekly/Daily/4hr

ES (S&P500) Technical Analysis

Visit https://tradablepatterns.com for today's technical analysis on VIX, Nasdaq100