Wednesday January 23rd, 2019 by Mike Paulenoff ES from my BIG picture perspective shows the highs of the prior two trading sessions at 2673.50 and 2677,75, juxtaposed against yesterday's low at 2616.50, which represented an unsustained puncture of the down-sloping 50 DMA (2622.07). So far, today's action represents an "Inside Day" following yesterday's bearish (Red) Candle. The vast majority of the time, an Inside Day following a significant directional candle represents a pause prior to a resumption of the direction of the prior day's candle. Notwithstanding yesterday's Kudlow shenanigans, I am nonetheless suspicious of the sustainability of today's recovery strength, and will continue to be suspicious unless and until ES trades above 2658.00... In addition, the fact that the 50 DMA remains in a down slope also argues for a bout of weakness that retests its level, now in the vicinity of 2622.00. Last is 2646.00Mike 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.