Scenario 1) rally out of the gate breaking 1079 ES by 10:45-10:55AM. This is for a short term bullish scenario towards the 1088 ES range with a potential to move a bit higher. This could be a nice setup to close the monthly chart for July for a BIG move into august.
Scenario 2) Sideways consolidation until early afternoon between 1070ES and 1079ES. This is the setup for a break of Fridays low today with strength and ready for a move lower towards our previous lows. If this occurs today we should see some consolidation after the sell off for 4-5 trade days with a 30pt range and a fast move towards 1008 either late this week or early next week. This would be the setup for our two bearish scenarios posted from last week. A break of Fridays low and we are almost guaranteed to visit 1008SPX.
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