Your MUST-READ Morning Stock Futures Cheat Sheet: Treading water

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The Precise Take – Treading water

Big Picture Analysis: Yesterday’s early weakness was met with a mild rebound by end of day and, overnight, the ES has surged in European trading.  We’ve recalibrated the trend channel in the 135 minute chart slightly to incorporate yesterday’s low.  1300-1303 is now major support.  As long as the ES consolidates above, the potential for materially higher highs remains.  A decisive break would likely attract shorts.

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