ES (Dec 3 preview)

Breaking out above 2,800 will activate the bullish “W” formation, with the resulting price target being new all-time highs at a round number, namely 3,000. Positive seasonality can be supportive. This view will be invalidated by a close below 2,600.

chart: investing.com

ES (Nov 22)

For now the trend on the daily is obviously down. It has been about 3 years since the ES spend that much time below its 200-DSMA. Non-leveraged positions can use this threshold (which has worked reasonably well to identify the trend direction) as a stop-loss.