Fed QE Squeeze Market Effect For Today

ES Futures Hourly Chart

S&P Cash Index Hourly Chart 

The red bar at the far right shows where the futures traded overnight. It’s between 2814 and 2865.

Uptrend channel support starts the day at 2818 and ends at about 2834. Bears need to break that or they are in big trouble. The previous pivot high is 2875. There’s probably 100 points of clearance above that before a rally reached the next resistance area.

On the downside, there appears to be a lot of air between 2800 and 2750. That doesn’t appear to be in play, at least in the first half of the day. First, they would need to break that 2818-2834 uptrend line.

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