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This one is a tough call. On the ES S&P futures, 4675 is an obvious fulcrum. Above that, bulls have the ball but not control. Below that, bears have the ball. Below 4645 bears would be in control for a move likely to test the low around 4575.
On a move up the area up to 4703 is gray. We won’t know if it’s bullish or not unless and until they get to 4703. Breaking that would give them room to run to 4726. Ultimately, they’d need to clear that to break the downtrend.
So, no, I’m not bullish. Not yet anyway. Until they break that level, all they’ve done is shift this interminable, infernal trading range lower. And that, to me, is still bearish.
And now (Paul Harvey voice) the rest of the story:
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