ES Update

Ya’ gotta loves those confirmed spotter signals…

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As I pointed out in my last post, a break of the ST bullish channel bottom foretold the push down to take the bull stops under 2080.75, and that’s where the pros are currently feasting, as I type.

Next VST support level below is at 2068, with the old ST range top breakout line at 2062.50 just below.  Under there is a support gap down to the next stop ledge under 2036.50

The protective backstop for the most aggressive bears here is 2080.75 as we watch to see how low this rug yank goes.  Full position trailing stops for spotter traders is the descending trendline drawn off the spotter top.

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This leg down was triggered at a back kiss of the February closing price of 2102.75 that came on news that the labor force participation rate has dropped to a 37 year low…

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aaa4_727

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Pretty steep drop off since 2009, eh?  That in spite of the national debt increasing to over 18 trillion dollars under the current regime!  When you consider that the job market under Jimmy Carter was better than this president, that sorta puts it all in perspective.

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Taking a peek at the weekly roadmap chart we can see that they have taken the stops under 2099.75 and now 2080.75 to create a bearish lower high lower low pattern.  As I pointed out above, 2080.75 is the current stop/sweep reversal line with the next major stop target lower at 2036.50

Seriously, aren’t confirmed spotters wonderful?

…my .02

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