Every once in a while the market needs a little reset. The bullish sentiment gets too high, and they need to let just a little air out in order to prevent the balloon from bursting. But, funny thing about these resets: they can get out of hand. Yesterday’s came very close to doing so, and it will take a very strong performance these next couple of days for the bulls to be firmly back in charge.
The E-mini fell through several levels of support, finally bottoming out where it needed to: 1774.50. As it rebounds today, the first real test should come around 1790 where it runs into a couple of channel lines as well as the red .618 and the purple .786.
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