S&P 500 E-minis Stage a Sharp Relief Rally – But N-dicator “-2” Warns Bears Aren’t Done Yet

ES Mar 23 ‘26

March 23, 2026: S&P 500 E-mini futures posted a strong +1.46% bounce to 6,684.50, recovering a decent chunk of the prior breakdown move. Yet the N-dicator “-2” stubbornly remaining right on the latest daily candle is the key takeaway — bearish sentiment still dominates despite today’s green print.

Price remains well below the broken range floor (now resistance ~6,784), and the rally closed inside the body of the prior large red candle, forming a classic bear-flag / failed recovery pattern so far. Volume picked up on the bounce, but not enough to suggest real conviction from new buyers stepping in aggressively. The structure continues to print lower highs and the critical 6,784–6,800 zone is acting as firm ceiling.

Bulls got a breather, but as long as the N-dicator stays “-2”, this looks more like a dead-cat bounce or short-covering squeeze than a true trend reversal. Sellers are still in control of the bigger picture — watch for rejection at 6,784 or failure to hold today’s low for the next leg down toward 6,600–6,400 zone. Caution stays high. 🐻

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