Frustrating the bulls

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As expected yesterday the morning session had a positive tone, which gave way to strong selling late afternoon. SPY close down 1.03%.

However, bulls are unfazed and ES futures are pointing to about 1.2% higher open.

Bulls are smelling victory seeing the resistance level so close but have been frustrated the last two days.

ES futures inventory is almost 100% long in the ON session. A strong liquidation break to the downside is a strong possibility in the morning session.

Penafian

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