Chart Setups in ES and SPY

Here are the setups in ES and SPY heading into the knee-jerk, algorithmic reaction to economic data on Weekly Jobless Claims (8:30 AM ET) and then to the ECB Rate Decision...

ES needs to take out nearest resistance at 3938/48 to gain bullish traction to make a run at more consequential resistance lodged from 3971 to 3977 (see chart below). Conversely a break below the overnight low at 3908 will leave the index vulnerable to making another loop down to test this week's low-zone at 3840-3865... Last is 3922.50...

SPY needs to climb to challenge key resistance that starts in and around 390, and extends up to 393.80, above which, SPY will have a higher price path toward 400. Cconversely, any forthcoming weakness must be contained at 384.80-385 to avert inflicting technical damage to the near term up trendline off of Monday's low at 380.49... Last is 389.11...

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