After months of sustained selling, the ES1! is starting to look uncertain on the 4H.
Price is stuck in a range between $6,685 and $6,571. The Kinetic Bias is showing a bearish bias with the Directional Wave in the early stages of re-expanding to the downside — but it isn’t exactly convincing yet.
We saw a volume divergence on March 23rd that pushed price sharply higher, but this isn’t the first time we’ve seen this play out in the current downtrend. The last time it happened, price ranged sideways before continuing lower.
The overarching bias says down is more likely than up. But I’m not convinced either way until price either breaks the $6,542 support or reclaims $6,965 from February 12th.
Today’s New York session should give us some clues.