ES’ latest rising channel broke down rather decisively on Friday. ES closed well below its SMA10 and almost tagged its SMA20 — a feat it hasn’t accomplished since Nov 20.
This morning, the futures have pushed back above the SMA10, hinting at a full recovery. Yet, as we’ve discussed, there are several factors that might prove problematic for the bulls.
First and foremost, it’s a New Year. With a 20% gain in the bag for 2017, might we see stocks at least pause to catch their breath? If nothing else, it might alleviate some of the incredulity surrounding 2017’s record-breaking ascent.
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