SPX almost broke out Friday…a pretty convincing move.
ES followed our script pretty precisely on Friday:
The key is what ES does if/when it reaches the top of the falling white channel (currently around 1679.50.) If it breaks out, it should have legs — at least to 1687-1700. If it reverses or stalls there, then the downside case is still a good possibility.
After reaching 1681 early Friday, ES backpedaled 8 points before topping out at 1686. It’s safe to say that ES is now reversing and has the .886 at 1665.84 in its sights.
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