The E-Mini futures have been advancing higher in the pre-session and we are now approaching the crucial inflection point I have been highlighting for the past few sessions. It’s probably no exaggeration to say that what happens today will most likely affect the remainder of this month going all the way into the presidential elections.
So let me paint the picture for you guys. As you can see in the left panel the futures are already trading above the previous spike highs which were painted right around the December roll over.
On the daily panel we see one more hurdle ahead delineated by my Net-Line Buy Level which basically marks last Wednesday’s spike high at ES 3427.25.
Like clockwork realized volatility exploded at the beginning of the month but has completely died down over the past two weeks. Seasonality or not – this does not work in the bears’ favor.
On a weekly basis it appears that the weekly NLSL ES 3340 and change was successfully defended.
Now let me show you what really matters in today’s session and how to plot the path ahead:
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