At the moment, price seems to be afraid to make a move too far away from its "security blanket" on YM, ES, NQ & TF...the daily 50sma (red) (see the Daily chartgrid below). Furthermore, the bulls have been unable to sustain a move above their old (and invalid) IHS necklines...every attempt to do so has been met with fierce selling. Today's action so far confirms the sideways movement in play during the past few weeks, as well as intense profit-taking that is occurring once players have pushed prices up...the latest push up which began May 25 may end up being a "dead cat bounce." Once the market gets tired of this scenario and if enough bulls fail to materialize, price may fall to the 200sma (pink) over the next several months.
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