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gmaster29

ES1! Futures breakout - short term Target 4175, 4303

Long
S&P 500 E-mini Futures (CME_MINI:ES1!)  
gmaster29 Updated   
CME_MINI:ES1!   S&P 500 E-mini Futures
Trend Analysis Chart Patterns Technical Indicators S&P 500 E-Mini Futures SPDR S&P 500 ETF (SPY)
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trendanalysis chartpattern indicator es1! spy
SPY futures has given a short term buy signal breaking out of long term parallel channel and confirming above 200 EMA. Bear market rallies are very strong and can be one of the 'Rip your face' rallies. I still believe US markets have much more downside to go and bottom out, but charts are suggesting short term rally to 4175 and 4303.. We have FOMC meeting on Feb 1st, let's see if the breakout can withstand and rally or fade away.

Let me know your thoughts in the comments section.
Trade closed: target reached:
Target 1 - 4175 reached today, high was 4208. It pierced the first resistance level 4175 and pulled back. We might see some pullback before hitting 4303 target.
Comment:
I'm expecting SPY futures will test 4000 levels in next 1 week. we're got a see a lot of volatility.
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