The move in risk trades is once again off a critical level on ES at 1355/57. Each time it has bounced off this level, it has been to a lesser extent. The fundamental data as stressed yesterday is deteriorating. FOMC minutes may not hold much and hence the probability of a slippage below 1355 look increasingly likely now. How ever 1373 on the upside holds the key for ES. Acceleration above that to 1382 could well be expected on the upside.
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