Tuesday’s session was more of the same action as the market remains stuck within our immediate range levels. If you recall, the bulls tried to break above last week’s 3150s range high on the Emini S&P 500 (ES), but price did not have the strength to conquer it. Instead, the ES micro-double topped in the mid-3140s and spent the rest of the day grinding back towards the 3110 gap fill/prior day’s closing print.
The main takeaway remains the same as the price action remains stuck in an overall daily pattern of 3231.25-2923.75, where a temporary top and temporary bottom were confirmed a few sessions ago. The ongoing battle remains tough for both sides because the longer this thing consolidates in a high-level consolidation; the better the outcome for the ongoing bulls. This is why it’s critical for gummy bears to act now and entice the real, big, bad bears to rotate back into town.
Tuesday closed at 3112.75 on the ES as a doji candlestick, meaning that the price action remains indecisive within this high-level consolidation/bull flag environment. My game plan:
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