Resistance to Support to Resistance

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The 1698.50 area is pretty interesting on the ES right now, because when it burst above this former new high on Sunday, traders were giddy about breaking through resistance. Monday, however, gave up much of these gains. As of this morning, we’re having another assault at this level, and I think it merits watching. My view is that the bulls kind of shot their wad on Summers, as discomfiting as that image might be.