The exclusive Markets Morning Report is supplied by Precision Capital Management.
The Precise Take – ES attempting to hold critical support
Big Picture Analysis: The ES has stairstepped down a steep trend channel this week, as can be seen below, having now reached the early June breakout yesterday and overnight. We would not be surprised to see this trend channel broken today or Monday, which would suggest a modest rally. However, if the ES can muster the strength to reach the 1094.25 to 1097.00 resistance area, short sellers should get aggressive there. If the ES accepts below current support at 1165.00, there will likely be a test of the ~1040 lows, at which point the possibility of…
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