ES Levels CGG Newsletter (08/06-11/2023)

ES is in a channel up and has just recently retraced 61.8% of its move, setting up for a technical bounce when futures open. We can expect a bounce to retrace to the 4565 area (short GP is 4573). If this bottom trendline does not hold, expect a the daily fair value gap from 4470-4448 to fill to the downside.

Upside
4519 → 4542 → 4656 → 4573 → 4586

Downside
4478 → 4470 → 4462 → 4447 → 4421