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Yesterday morning I stuck my tongue firmly in my butt cheek and produced this chart of the ES, S&P 500 fugutures.
Now I’m not going to play pretend and act like I know which this is. I’ll let the market tell us. It’s pretty clear that if they don’t break 4675 later today, this sucker is likely headed for the freakin’ moon. This top/bottom pattern would have a conventional measured move target of 4795 if it breaks out to the upside.
Today, we’re still in mid No Man’s Land.
The parameters to watch today are 4695 and 4685 on the downside. Bears need to retake those to have any shot at getting anything going on the downside. Bulls still need to clear 4718 for an upside breakout, and potentially explosive projectile move.