Reset or Retreat?

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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