The ES S&P Emini TAOST Weekly Balance Zone did a good job arresting the decline in the ES last week. It's likely no coincidence that the previous high [2889] is in the neighborhood too. Price was also helped by the congestion area(s) noted on the Daily chart.
Next week, expect a bounce Monday and/or Tuesday, especially given the position on and structure of the swing chart [120m]. I expect price will then settle in and give us some guidance on future direction.
Also expect a bit of craziness in the ES anyway given it rolls to the December contract this week.
ES Weekly Chart As of 7 September 2018 |