ES In Rangebound Corrective Pattern

Good Wednesday Morning, MPTraders!  March 27, 2027-- Pre-Market Update: Today is the second-to-last trading session for March and Q1, 2024. So far, the end-quarter directional play to the upside-- in the direction of the dominant uptrend-- that I have been expecting has been, shall we say, a bit elusive. Perhaps Friday's forthcoming PCE Inflation Data (8:30 AM ET) and Fed Chair Powell's speech (11:30 AM ET) have placed traders, investors, fund managers, and even the algorithmic programs in the "headlights," frozen stiff until mid-day during the Good Friday market holiday?

It does appear that all of the action off of the ES ATH at 5322.75 that was established last Thursday (3/21/24) through this AM is carving out a rangebound corrective pattern (see my attached 15 Minute Chart) that so far represents about 60 points and 1%. At the moment, key nearest support in the range is at yest's spike low at 5263.00 (near the Weekly Pivot of 5264.75), which is juxtaposed against the nearest-term resistance line from the ATH that cuts across the price axis in the vicinity of 5291 this AM. 

As long as 5291 to 5300 resistance caps forthcoming strength, and as long as 5263 to 5268 puts a floor under weakness, ES likely will "coil its way" into the end of the quarter ahead of Friday's PCE and Powell festivities. 

That said, however, the fact that the dominant intermediate-term trend is UP (see my attached Daily ES Chart), if there IS pronounced directional movement into quarter-end at Thursday closing bell, my bias is to the upside for a run at the ATH (5322.75), and if taken out, then toward 5360 thereafter...

Bottom Line from a Big Picture perspective: As long as the sharply-upsloping 20 DMA, now at 5227.50, contains any forthcoming acute weakness, the dominant trend is UP, and as such, "surprises" likely will be to the upside (into quarter-end)... Last is 5287.00...