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ES Nears Optimal Target

Published 10/19/2015, 02:28 PM
Updated 07/09/2023, 06:31 AM

ES (Emini S&P 500) continues to grind higher within its pattern of higher-highs and higher-lows off of its Sept. 29 low at 1861 into Monday morning’s recovery high at 2028.00.

From a structural perspective, the most recent upmove off of the Oct. 14 pullback low at 1982.50 has the right look of completion, as the larger advance off of 1861 exhibits the "right look" of a completed larger counter-trend upleg.

That said, however, to confirm that 2028 is a meaningful peak ahead of a resumption of weakness, ES must violate and sustain beneath key, near-term support at 2013.25-2012.25.

E-Mini S&P 500: Dec. Future

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