After All the Bullish Jawboning about Lower Rates and Progress on a Trade Deal Earlier Today, ES Remains Betwixt and Between Thursday March 28th, 2019 by Mike Paulenoff The 50 point range in ES carved out since last Friday remains intact, with the price structure gyrating back and forth across the mid-point of range. A climb that sustains above 2838/40 will point to a directional upmove towards 2880/90 while a violation of 2790 will point to 2760/70... My direction pattern bias remains to the downside, for continuation of the weakness that started one week ago with the initial downleg from the post FOMC high at 2866 to the Monday's low at 2789.50. Within that scenario, all of the action from Monday through today so far is an intervening near term recovery bounce ahead of a rollover towards a downside target zone of 2760/70. With all of the jawboning by the Fed Heads intimating lower rates (Clarida this morning), and all of the promising news about a China deal (Lighthizer, Mnuchin, and Kudlow starting late last evening), it is surprising that the algo have been unable to rip the cover off of the shorts, driving ES much closer to last weeks highs. In the absence of such a catalyst, my sense is that the corrective forces off of last week's post-Fed high at 2866 remain in charge. Only a climb that sustains above 2838/40 will invalidate my current scenario... Last is 2814.00 $SPY $DIA $QQQ Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.