Markets on sitting right on major support and have been able to hold on for 2 days now. The following chart shows the 1765-1770 area that has held the market up over the last 48 hrs. If this is breached overnight then a waterfall type move could happen. If we trade above 1774.25 in overnight trading then we could see another move back towards the 1793-1797 zone. I will probably cover my ES short on a move above 1774.25 tonight and look to re-enter around 1790. Also note, the VIX was pushed back today by daily resistance so that is also supportive for the bulls, at least in the short term.
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| ES 120 min chart |
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| VIX daily chart |
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