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[IndexTrader]

This move below 1360 ES is ominous in my view....it broke support. Further, it broke the hourly uptrend in ES around 1359. Offsetting this, we are somewhat oversold hourly, so stabilizing here, and moving back above that 1360-1365 area (which is now resistance) is quite important. My own guess is that the rally is over. IT

[arbman]

There is enough bearish interest building up in the options to support around these or a little lower for a while, the problem is it isn't enough to catapult it over the resistance, so it continues to consolidate. I don't think the game is over yet for the ST...