ESH6 Daily chart

Thursday ES gave back all the gain made on FOMC day and formed a bearish engulfing candle on the daily chart.

ES has bounced around the 200-day moving average line several times before. But each time it made lower highs. This is not a good pattern for the longer term. It indicates that the Top is in process.

Today is a quadruple witch expiration day. The December futures contract will expire at 9:30am and all traders will be using the the March contract, ESH6.

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