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The market now has both uptrend and downtrend and uptrend channels. Take your pick.
If the ES 24 hour fuguetures are above 6030 at the NY open, then the downtrend is busted and an uptrend is in force. It would face resistance at 6050-6054 through the NY close. If cleared then I’d look for a gap fill or partial fill. The gap runs 6070-6090. There’s a 2-3 day cycle projection of 6100.
On the other hand, if the ES is below 6030 at 10 AM, then there’s a downtrend still in force. That should target spport around 6000-6007. If that should fail to hold, then a persistent drift lower would be in order for the rest of the day.
Interesting setup on BTC. It’s on the cusp. It will either resume the uptrend and target 120,000 or trigger an intermediate term sell signal if it drops under 99k.
If gold breaks 2755, correction coming. Golds Gains Are a Setup for More 1/27/25
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