Originally posted at Capitalstool.
The ES S&P fucutures have been attacking resistance at 4210 throughout the night and into mid day here in Europe, early AM in the US. They look poised for a breakout. That would make the next target the rising channel line running 4230-4235 over the next few hours.
They just need to clear 3218 to head for a 2-3 day cycle projection of 4228. The 5 day cycle projection is in flux but could be as high as 4238, which would be a test of the high. Trend resistance is around 4220 at 6 AM ET, rising to around 4228 at 3 PM. Clearing that would launch them toward a full attack on the highs.
Cycle indicators are mostly moving sideways in positive territory. That supports continuation of the uptrend.
There are multiple sport lines every few points down to around 4178.At a minimum, need to break 3205 to get anything started on the downside.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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