Actually, it’s the 5th test in the past 10 sessions of this internal trend line that, by all rights, shouldn’t be very important. If the market weren’t so fragile, I’m sure we would have seen new highs somewhere along the way.
Even with VIX hammered by 35% since the Aug 5 lows, however, ES has continued to struggle with this trend line — which makes it a very important test.
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