ES Bulls Must Hold
Pretty wild day today. SPY finally broke its streak of not having a -2% day or worse, it had been on the longest streak since 2007. Major weakness for the mag 7 and semis for the first time really since fall of 2023.
I think we'll see a bounce here for several reasons, one of which is this trendline on ES that started back in March. We had huge breakout in early June when ES broke above it and it has not retested since until today. We closed nearly right on it. I'm not sure how big of a bounce we'll get, but I think we'll have a decent one.
If no bounce, I would think it's just going to get a lot worse quickly.
I think we'll see a bounce here for several reasons, one of which is this trendline on ES that started back in March. We had huge breakout in early June when ES broke above it and it has not retested since until today. We closed nearly right on it. I'm not sure how big of a bounce we'll get, but I think we'll have a decent one.
If no bounce, I would think it's just going to get a lot worse quickly.
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