Market Analysis for Sep 10th, 2021

Sep 10, 2021 - 1:36 PM EDT

Gummy bears again or finally a surprise?📣

Just quick observations (I'm not here, but still outperforming):

If you recall, we took short-term profits at last week's high (ES+RTY) and hedged our tech heavy stocks portfolio (NQ)
Not many surprises as market is churning in early Sept, decent little pullback on the indices into their respective trending supports over the past few days
S&P seasonality looking for a pump into mid-Sept. Now, 4492 ESU21 (Sept) or ES 4482 (ESZ21 Dec contract). NQ still stuck between 15500s-15600s, high level consolidation doing well.
Currently, seeing decent short-term risk vs reward for ES longs...vs daily 20EMA area. Targets back to 4515/4530. Must hold this week's current low or likely wrong/more downside. (Dec chart below)
Be back next week👋

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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