- 2539 to 2541 is a crucial support zone in 4 hour chart. If this level holds Bulls can make a strong comeback to erase today's losses.
- The week is looking good for Bears. But as said in the chart its only Wednesday and by the time we reach Friday Everything may have changed. Bears need a weekly close at the current levels or lower to confirm weakness.
- Bears also need price to stay below 4 hour cloud to confirm short term bearishness. Just a violation of the cloud is not enough.
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- ES hourly cloud is getting violated which is crucial as shown in last chart.
- 50 Hour SMA is acting as resistance.
- Crucial price level to watch is 2561. Break of this level can give 2550 levels. Bulls need to move back above 50 Hour SMA to regain momentum. As long as price stays below hourly cloud its a problem for ES Bulls.
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