ES Update

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ES is rated Bull 1 > 1178.50 and the Bottom Spotter signal is now + 11% since detection on 8/9

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Trading range remains 1117.50 to 1212 (which is next ST target higher)

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Yesterday we got a breakout of the ST resistance trend line to harvest the first level of buyers > 1182

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The next target area for stop-running is 1198-1201, where many bears would likely be forced to capitulate.  To set a higher low, bulls will need to defend 1123.50 on any pullback from this area.  It could get volatile here, as the parallel channel entry from 1123.50 on 9/12 has attained the initial objective I mentioned at the time, which was breaking ST trend line resistance (and tagging the S&T short-term primary trend line)… for a >60 point VST gain.

…my .02

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