Simply Stated

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Before I begin, a quick remark to my beloved Slope+ subscribers: please note the idea from this morning is slightly updated, so check it out, and the post about the Euro later in the day – – well, phew, glad we got out in time. Now, on to the one chart of this post…….

Here’s an intraday chart of the ES going back about ten weeks or so:



Simply stated:

  1. There seems to be decent resistance about 2082, tinted in magenta;
  2. There is clearly firm support at about 2032 (which we challenged yet again during Friday’s brief sell-off, only to roar higher today toward resistance); this is tinted in green;
  3. The overall range we’ve been in during the past ten weeks or so is about 80 points, tinted in grey;
  4. A firm break of support should send us toward that blue supporting trendline and, possibly, pushing below the lows this year to a target of about 1955

And that’s all there is to that! As for me………back to my Cool Project.