ES Update

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As I mentioned in my last post, the usual game in a trading range is stop-running– and after a poke under 1153 to run the mid-range bull stops, we got a reversal back up through the S&T countertrend buy line at 1159.25, and ES has now attained the short-term primary trend line at 1189.25, which was the initial target of the counter-trend entry from 1159.25 (+30) and an extension of the range trade from 1111.25 (+88).

The top of the S&T trading range is the next target at 1198.50

The S&T system bias is now bullish above 1189.25 and would revert back to bearish below.

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According to S&T, we now have a short-term rally in the context of an intermediate-term bear market.  ‘Bull 6″

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It has taken 14 trading days to get there, but ES has finally achieved the initial confirmed bottom spotter objective from 1077, which is a touch of the closest primary trend line.  That spotter entry is now up > 110 points from detection.

The top of the trading range is just above at 1198.50, and the structural pivot and open gap is next at 1206.75.

…my .02