PalmaFutures
$ES_F Update
The 1st downside target was reached in the OVN session pretty much to the tick. The market then rebounded to the daily pivot area which was rejected at the open.However, the market reversed & reclaimed both the Pivot area & the Bullish trigger level, fulfilling the upside scenario outlined in the plan.
The market rallied to the initial upside targets & then achieved acceptance above the key resistance zone (2nd target). Price quickly extended to the next target which aligns with the daily 20MA. However, this area was rejected & price pulled back moving slightly below the week’s resistance zone. Currently, it is basing in this zone.
Buyers must reclaim this area & achieve acceptance above the 20 MA to strengthen the recovery. Price is now at a critical area.
$SPX
$SPY
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