ES Consolidating 7/15/2020
ES at the 4 hour view. Resistance above held for now. ES is stuck since tech is bleeding, but financials and transportation sectors are rallying. That's actually a bullish move.
ES may pullback since P/C Ratio is at below 0.65. VIX is also about to reach a support zone soon as well.
That said, with liquidity rising and key sectors rising, ES may be setting up for another bullish run after a pullback. It may break resistance.
Permabears may be crying, but they seriously need to look at the current data. It's not exactly bearish. Most likely, we may have a pullback. Bears will get FOMO and short. Bears will then fuel the next bull run by covering their shorts.
ES may pullback since P/C Ratio is at below 0.65. VIX is also about to reach a support zone soon as well.
That said, with liquidity rising and key sectors rising, ES may be setting up for another bullish run after a pullback. It may break resistance.
Permabears may be crying, but they seriously need to look at the current data. It's not exactly bearish. Most likely, we may have a pullback. Bears will get FOMO and short. Bears will then fuel the next bull run by covering their shorts.