Market Tensions Mount, Uncertainties Elevate, As the Trump-Xi Meeting Approaches

ES-- I guess no one should be surprised that ES remains stuck in a narrowing range that is dependent on the next rumor, wire service headline, or tweet about what is going on at G-20 between Trump and Xi. As of this moment we don't know if the two week pattern is a top on the verge of downside acceleration, or a high-level digestion period ahead of another upleg.

All eyes on 2935/37 resistance versus 2915/18 support... If ES takes out 2935/37 and sustains the strength, especially on a headline that triggers algo buy programs, the top pattern will be invalidated, and ES will point to a potential target zone of 2990 to 3000. Conversely, if ES declines, and sustains beneath 2914, then it will trigger downside potential to 2883/88 and then to 2860/65...  Last is 2931.50/75... Have a great evening everyone... Let's see what the overnight session has in store, if anything... MJP

6 27 19 Close GIF
6 27 19 Close GIF

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