ES Update

Screen Shot 2015-06-02 at 9.24.05 AM

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ES has tapped the bottom of the ST channel in today’s premarket.

That line correlates with the bottom of the VST trading range at 2096–and that should work as an intraday bull/bear line today.

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Screen Shot 2015-06-02 at 9.26.50 AM

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The hourly bars above show the current setup…

We have a bounce working from the poke under 2096 with upside resistance at 2110.25, 2115, and 2119.75.  The dotted red trendline represents the trailing stop line for countertrend bears who have been riding this heretofore shallow pullback from the last confirmed spotter at 2134.

A break under the channel support at 2096 would next target the ideal buy zone between 2081.25 and 2091 and then rising ST trendline support, which is currently near the 2172 area.

So, for today, VST momentum is bullish above 2096 but would revert back to bearish below.

…my .02

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