As i said yesterday, if ES takes out 1268, then we should make nominal new highs. We did make nominal new highs which ended in a sharp reversal. The inter-market divergences were telling a story for those who wanted to listen. NDX and SPX made nominal new highs while, the DOW coudn't. SPX has still not issued a hourly sell, although it's on a 30-min sell. If 1263 (channel support) gets taken out on the ES, there could be some serious selling. For now 1263 is the key. If it's taken out, my strategy would be to short the bounces.
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