SP future (ES) briefly broke through the upper channel line during the Euro session and immediately followed the path outlined in my previous post and pulled back to lower 1620 area. As I have mentioned before "pullback to lower 1620s may provided buying opp 4 bulls", indeed bulls had ample opportunaty to buy the dip and had defended the lower 1620 area on 3 occassions (based on 15 min chart).
Now 2 important levels have been clearly defined: 1620 (support) and 1650 (resistance). If bulls can take out the 1650 resistance, a retest the high is very likely. On the other hand if bears can penetrate the 1620 support, a retest of 1600 is in play. One side note, a slopped up trading channel has developped and let's see if it can continue its direction during the coming sessions.
Good luck!
