Well guys futures rallied all night just to form a bear flag and start breaking down.It's funny because I had to do this chart over once I drew the orange support line the first time because it broke. I wanted you guys to see this chart so you can see are support levels. 885 and then 880 areas( 3x support from pivots, channel support, and horizontal support). it has been tested many times so it could break on this test and that would be significant because 3x support and tested plenty of times. Next level would be 875 which is S3 on pivots. After that I hate to say it, but we would be going much lower to around 865. Review the charts. Notice how are key channels once again have came in to play at we look vulnerable for a break down from that head and shoulders pattern. Left shoulder from break down( Sun- Monday), head from ( Tues and wens), and right shoulder from break of this bear flag now. Its at an angle!! Lets see if this pans out. Hope you guys enjoy the great analysis and have a good trading day!! Out to the office.
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