ES Levels - CGG Newsletter (08/13-18/2023)

Upside:
4478 → 4500 → 4519 → 4542 → 4566

Downside
4459 → 4447 → 4422 → 4400

Technical Analysis:
ES tested a breakdown of a Long GP from 4461-4470, but bounced to close the Friday down only -0.1%. We want to see if ES can hold above last week's lows, if not, I could see a test below in the 4447 area where we should start to see buyers come in. This area would be crucial for us to hold this week as the bullish trendline we made from this year's March lows sits right in that area. I lean bullish throughout the week as long as we hold that trendline as support into the Jackson Hole Economic Symposium which starts next week, August 24-26.

I would expect some bullish movement to send us back to at least 4566, which was a strong daily level which also coincides with the SHORT GP that was just made from July's high to the low made on Friday.