Time for a quick update on the big picture. When USDJPY and CL bottomed on Feb 11, we called for and got a sharp rally. CL responded with a 31% spike, while USDJPY rebounded 3.5%. SPX tagged on 120 points for 6.6%.
We’re at the point now where the bounce can do one of three things: (1) backtest support, (2) push through the next line of resistance, or (3) fail and produce new lows. The ES 60-min chart illustrates:
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