(click image to enlarge chart)
The VST target of 1328 mentioned in yesterday’s post has now been reached.
After a sweep of the VST bull stops under the bottom of the range at 1295 and a bounce directly off the VST confirmed support line at 1291.75, the rally is now into the bear stops at the top.
ES 1328 can now serve as an intraday bull/bear line, with day trader bias long above, and short below.
Next upside target is the open gap at 1341.75. Back under 1328, and the VST range is reentered with the next downside target being mid-range support around the primary trend lines.
The next higher time frame range boundaries are Stops and Targets’ at 1351.75 and 1264. The large range boundaries are defined by the top and bottom spotters respectively at 1368 and 1252.25