Mini Downtrend Could Snowball Into Tankage

Mini Downtrend Could Snowball Into Tankage

Today is a big day. I expect ES to drop to support from trendline B today ~1172. If ES can hold above this price then ES may rally all the way back to fill the gap at 1183 or it may simply backtest the downtrend line (C). Now there is new home sales news out at 10AM EST which could trigger a selloff far below trendline B. At any rate if ES backtests trendline B and/or trades near 1183 then that is the best place to short. If ES holds above trendline B all day and closes above 1175 then ES is headed to 1197 and most likely 1200.

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