S&P500 (ES) Retesting Weekly Chart Ascending Wedge Support

The S&P500 (ES) is trying to bounce going into today's European morning after sliding 9 of the last 10 sessions. Significantly, although ES is precariously just above ascending wedge support (on the weekly chart), a successful break back above downchannel resistance (on the 4hr chart) should not be ruled out and would likely defer any more decisive weekly close below the weekly chart ascending wedge support until at least following the US election November 3. Nevertheless, ES has all but formed a lower October high versus the September high, and if followed by a lower November low versus the October low, will confirm the major topping pattern that's in its late innings. Congratulations to paying subscribers who profited fromthe February 18th analysis one day before the record high in the ES, warning of the pending slide in the S&P500, and fromthe June 9th report highlighting the looming completion of the ascending wedge on the S&P500. The weekly and daily RSI, Stochastics and MACD are tiring or steadily sloping down. I am looking to go short in the red zone (of the daily chart), targeting the green zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

S&P500 (ES) Weekly/Daily/4hr

ES (S&P500) Technical Analysis

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