S&P 500 Futures: Cup, Meet Handle

Published 02/09/2022, 11:26 PM
Updated 07/09/2023, 06:31 AM

I am the last person on Earth who wants to say this, but I need to be honest and say it: that is a seriously scary-looking, bullish-looking, cup-with-handle pattern on the ES futures.

We got right back up to last Wednesday’s peak and are threatening to jump over it, thus commencing a new breakout.

ES Futures Cup & Handle Chart

The bears’ last friend is all the overhead supply above that line. Even if it IS breached, the market is going to have a much harder time slashing through this razor grass than it did lilting up to its present price level. I’ll say it again: it’s ALL up to the CPI number Thursday morning.

ES Futures 4-Hr Chart

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