ES futures made new intraday highs yesterday @ 2.054, breaking out of their 4-day consolidation in the 2.030-2.040 area. The daily trend will remain up as long as the market stays above its September 19 high (2.015 points). Current “overbought” conditions may lead the market down to the 2.000-2.015 level before a continuation (and maybe exhaustion) of the uptrend takes place.
S&P-500 futures, daily chart:
Chart courtesy of Investing.com. http://investing.com
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