ES broke down the 9-day moving average last Friday and managed to hold price below it for closing yesterday. It indicates that the selling from Nov. 5 high move hasn’t completed yet.
Today price could go down further if ES gaps down to open under 1190.25. The next major support is 1167.75 area. A move under this major support level will be bearish. Odds will favor testing 1150-1125 range.
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