Slope of Hope Blog Posts

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Fragile Uptrend and Greek Default (by Springheel Jack)

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Obviously I was very pleased that my roadmap for ES yesterday played out almost exactly. Will this continue on to my bullish IHS target? Possibly, but the uptrend looks fragile here, and ES will need to break over yesterday's high soon and confidently to confirm that bullish scenario. Strong support isn't far below, and a break below that support would make the current picture on equities start to look very short term bearish indeed. Here's the setup as I see it on the ES 60min chart, and I have now switched to the June contract on ES, so the values are all 5.75 handles lower than on yesterday's charts:

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