In yesterdays update, I described the 4635-40 level as key support and gateway to downside, and ES tried (barely) to bounce there and lost it, triggering the sell move we’ve seen so far today, which has been quite clean. We are working down through the levels with 4565-70 being first up support/target after that 4640 lost as posted and as of writing we’re close. There are some technical victories here for bears: Not only has the 50dma lost and failed to recover (this in itself is quite rare, only the second time this has happened since this bull market started) but we also lost a core trendline. As usual though, level to level, and there is a big, new pattern on the daily chart forming I’d like to share. Chart and analysis below
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