300 Minute Bars

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Prepared by Jamie Saettele, CMT

Focus remains on the long term (multiyear) trendline, which is at 1681 this week (increases about $5 a week). A traditional measuring technique reveals a longer term objective of 1692.05 (adding width of consolidation to breakout level). Short term momentum considerations (divergence) and the latest rally possibly being from a triangle warn of a drop into support from current levels. Support is 1575 and 1555.