Tuesday April 14th, 2020by Mike Paulenoff As for ES (S&P 500 E-mini futures), in its infinite wisdom, it is up 1.3% and 36 points this AM at 2796 in reaction to raised expectations about a May 1st Economic Re-opening date. With hot-spot Corona case Curves starting to flatten and perhaps roll over, investors have decided the worst is behind us, and with the aid of massive Federal Reserve QE Unlimited to backstop the markets, there is no where to go but up.Such is the wisdom of the markets at the moment...That wisdom notwithstanding, ES is having a bit of trouble navigating resistance in and around the 2800 to 2820 area. Let's notice that last eve's high at 2808.00 fell short of a full-fledged retest of Sun. Eve's re-open high at 2820. ES has since traded down to the 2785 area, which happens to represent the 50% Recovery Resistance Zone (2785) of the entire Feb. - Mar. decline, and as such, is an important area for us to watch technically.Right now, ES seems to be in a high level holding pattern between 2810/20 on the high side versus 2710/20 on the low side. Whichever side of the range is taken out and sustained, will trigger same-directional potential to 2880-2900 or to 2650-2630.It seems to me that given the optimism about a crest in "the curve," and anticipation of the opening of the economy no later than May 1st (regardless of a whether or not enough virus or antibody tests are available by that date), there is plenty of good news already built into the March 23rd to April 12th advance from 2174 to 2819.50 (+29.7%), and for that reason, I am thinking that a new bullish catalyst is needed to propel ES into an extension of its post-March advance. Exactly what that catalyst will be is anyone's guess, but a sharp decline in "the curve," and a plunge in the death rate, certainly will create much needed confidence that we can return to the public domain without fearing infection.With the foregoing in mind, and amid fears of recurrence that prior infected areas areas around the globe are experiencing, there is plenty of room for disappointment and dashed hopes in the days ahead.And let's not get into politics just yet, although it might be necessary to do so very soon if POTUS' claim of "total authority" to lift the quarantine is executed, rather than having the States and its Governors do it according to the 10th Amendment.Bottom Line: As long as ES is trading above 2750/55 nearest important support, my work leans towards another loop up to attempt to take out 2808-2820, to trigger upside potential to 2880-2900 next. Last in pre-market trading is 2796.00 $DIA $SPY $QQQMike 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. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page