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ES Ignores Sluggish Payrolls Report, and Heads to New All-Time Highs


After a very dismal Jobs Report, ES (Emini S&P 500) has traded in a 10-point range, 70% of which has been above unchanged!

Yawn... Another example of bad news is good news...

ES has pivoted off of its post-Jobs Report low of 2427, and has pushed up into the 2432/34 area in what looks like could be a near-term Bull Flag formation atop "The Pole" created off of the May 31 pullback low at 2402.75.

If such a pattern is developing, then we should expect some additional time spent within a sideways, range bound ES (measured in hours), followed by another thrust to new highs into the 2440/50 next target zone.

Only a decline that breaks and sustains beneath 2427 will compromise the timing of the next bout of buying power, while a decline that breaks 2420 is needed to trigger preliminary near-term sell signals.

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