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Todays price action for ES has been nothing short of spectacular. This is what happens when ES hits a volume hole. Remember what we said when it hit 1375? That was the hole and it got thrashed almost to the next volume hole but there is a big level to cross before we go to 1320 which is at 1329.

Given the lack of support for moves from forex markets and partial support from bond markets, one may be forgiven if you are long ES at 1332 and get stopped at 1327 for a target of 1340.

We will look at a few charts and setups and given that this is a trading weekday, charts and setups are few in number.

ES finally takes a flight home as it swings down below 1343 to hit a low of 1332. The confluence now holds at 1330 zone but given markets end up extending on both side will expect to see 1325 albeit with some minor ret. ES move off the volume hole at 1370 was targetting 1345 first and then a break would have led it to 1335 which is what we saw today. Once again our weekly bias was fulfilled.

AUDJPY breaks the 200 DMA this time decisively as we draw near to the chinese data which for all practical purposes seem to be bad if forex markets are telling a story. Still early days but the bias now is for 79.9 levels. Strangely the pair has held up strong with every single attempt to browbeat it has led to being bought by eager traders. They seem to know a thing or two.

AJ reacts off its upper BB line at 81.4 and now is trading and pushing its lower BB25,2 downwards, always a sign of a pair which is eager to push down but lets be clear here: AJ is relatively strong compared
to the seloff seen in ES and to that respect, AJ still holds the edge for the bulls on ES.

CADJPY well and truly below 78.08 levels and now burshing the mid BB line at 77.65 with a potential to zip down to 76.59. This too along with AUDJPY holds the key for ES if it will sustanably beak 1330.

You need to be a subscriber with Captial3x Trading portfolio or Combined Indicator member to read on….. Subs have access to all the market analysis (Copper,BDI, Gold, US treasury, EU bond markets) and FX setups which also feature our FX portfolio. You also have access to Trade Room of Capital3x.

You need to be a subscriber with Captial3x Trading portfolio or Combined Indicator member to read on….. Subs have access to all the market analysis (Copper,BDI, Gold, US treasury, EU bond markets) and FX setups which also feature our FX portfolio. You also have access to Trade Room of Capital3x.

1. The July Live Trade Sheet
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4. C3X Performance FX portfolio
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