ES Update

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The breakout through ST resistance > 1246.50 has broken the old ST trend channel and as I mentioned in my last post–has triggered the buy stops (shorts covering and momentum breakout buyers) above that line.  That is the first technical sell target (partials) for the pros who accumulated at 1148 area.  Next target higher is IT trend line resistance.

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Next Stops and Targets’ ST target is the range top at 1273.25

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Zooming in for a closer look… the buy at 1148 achieved the first breakout at 1199.75 and that enabled a fast move to the top of the (now broken) ST bearish trident channel.  Next target higher is IT resistance at the top of the IT triangle range.  That descending trend line is presently at about 1269

Bulls are fine on any pullback > the short-term breakout at 1246.  More momentum buyers and shorts covering will be triggered on a breakout of IT trend line resistance.  The top of the S&T range is at 1273.25, which lines up with that IT trend line and the structural pivot at 1275.25

…my .02

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