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It’s pretty evident where the battle line is drawn right now: 2947 on the ES. We had a little reversal pattern above this line, and then after tumbling away, the market stalled out just below this level (magenta tint). And then, during this morning, as we were selling off, the market slammed the brakes on hard when it got to this level and is bouncing up. We continue to await the Fed at 11:00 a.m. PST!
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