Today, ES bulls dropped the ball big time finally breaking down support of the famous head and shoulders pattern that everyone has now noticed. This 4260 area was a massive level - not only did it hold 5x this week, but it also was major support in January this year and October 2020, where price saw ~300 and ~500 point rallies off it respectively. I was expecting ES would shoot for another level up before attempting any breakdown but demand was insufficient even for that. Today, I’ll discuss what seasonality says on this (it turns out, lots), and what’s next. Bulls are praying for a fake break down here
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