Market Outlook – Bullish bounce under a bearish market formation-today we sit below a downward monthly moving average and above the weekly and daily (though both of the latter are congested.
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Today we will look for fades into deep support to take the long bounce or a move into the resistance to carry through in a breakout long.
Crude oil continues to drive higher as well as natural gas. Commodities, both hard and soft, have taken a recent dip but are lifting higher – this leg of upward motion will likely take us through the summer months.
Levels for the ES_F and the broad futures -everything is tracking well
Note the same formations sitting in the SPY and QQQ