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On to charts: The charts indicate that markets are getting close to resolving the range they have been in. Fed speakers and the Fed’s minutes have indicated that “market reaction” is very much on the forefront of their minds in regards to any policy decision they may or may not make. Earnings are now coming to the forefront and are likely to break markets out of the recent range. We are on the lookout for this breakout or breakdown.
Some key $ES key levels: