ES Update

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The pros touched the top of the downtrend channel and then made a run back down to bump the stops of the guys who bought the trend line backtest I pointed out yesterday–but who missed the profit-taking opportunity at the channel top touch.  For day traders, that mini stop sweep at 1298.75 could be the line in play here in the early going (along with the center line of the light green VST trident channel).

ES is currently in a ST/VST trading range between 1255.50 and 1327.75, with 1297 to 1342 the potentially developing VST range.  Sellers would come in under 1297, initially targeting the LT primary trend line at 1284.50, and momentum buyers would come in > 1327.75

…my .02

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