ES Update

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ES is touching the support band between 1332-1337 I have pointed out in previous posts.  The morning low of 1335.75 was a direct hit on the bottom rail of the VST bearish trident channel we have been tracking since the 1411.75 high (it was shown as a dashed red trailing stop line at the top).

Momentum is bearish below the trend line breaks at 1339.50 (VST), 1355.50 (ST) and 1371 (IT).  Those lines can serve as trailing stops for bears short from the 1411 area.

This is a major support area here, so we’ll have to see if a bounce transpires.  The breakaway gap at 1332 is just below, and the bottom of the descending ST bearish trend channel (shown as pink in the chart above) is currently at about 1328

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The ES range chart above shows the breaks at old IT and ST trend line support.

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The chart above tracks 17 commodities… (uh oh)

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The dollar index above shows a long-term breakout.

…my .02

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