Does seem like we are IN THE BEGINNING of the unfolding of the catastrophic scenario that I have been forecasting to begin once the 10 year vaulted past 1%.
But for today, the 5 day cycle projection is only 3912, hardly a catastrophe. Even if that breaks there’s trend support at 3908 and every 5-10 points or so down into the 3860s. If we’re going down today, it should be bouncy. However, below 3867, the bottom starts to drop out.
If support holds, look for resistance around 3930-34. 3934 would be the neckline of a reverse head and shoulders pattern. If they managed to clear that, that would start another mini short squeeze, probably good enough to get the ES back to 3950 for starters.
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