Bulls are a stubborn lot.
What does this hourly chart of the ES futures tell us?
Well clearly, we’re playing for all the marbles here. This is a huge consolidation pattern on the hourly bars. It looks as though a breakout would trigger a huge move.
But watch out. If they get through 3388 there’s resistance at 3393. A reversal there that returns the price below 3388 could be a huge break for the bears.
But if they go through that? Ah! That’s the key. Then we’re looking at about 3406 by the end of today.
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