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As of 4:45 AM ET, the ES fucutures are pulling back from a high of about 3852, heading for multiple support lines around 3839+40. I imagine we’ll get a bounce from there. If it doesn’t, or if it’s weak, the next target would be around 3824-25.
If the 3840 area holds, then the uptrend that started late Friday would be intact. A 2-3 day cycle high would be due during regular trading hours today, and a 5 day cycle high would be due on Wednesday. There are no projections on these intraday cycles at the moment, although I think that at least a test of the high would be in order. For longer term projections and the big picture, see Cycle Analysis Target Projections Point Higher Still (risk free trial for new subscribers).
And we got the bounce. So far, as of 6:30 AM ET, it’s weak. Maybe a pullback to the trendline, then onward and upward.
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