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Mission Possible 6/29/21

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

The ES futures and the broad US market keep churning a little higher day by day. It’s a weak uptrend, locked within a couple of narrow rising channels at various angles, from almost flat, to rising at about 10 points per day, woop de doo.  The most important trendline to watch is, I believe, the one running from about 4270 as of 5 AM in NY, to about 4280 at the New York close. The trend will remain intact if they can’t break below that.

The first line of resistance I’d be worried about runs from about 4280 now to around 4290 at the closing bell. If they get through that, then the measured move objective of the base breakout of 4315 or 4350 would both become possible, with the lower target probable.

The top of a growing megaphone pattern is currently around 4290.

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