R/R isn't there to go long unless there is a clear break of the ascending channel.
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ES pulled back as expected but did not reach the bottom of the channel, instead we are retesting the top of the smaller channel. I would be cautiously short since the break of the larger channel but we will have to see if it holds above the solid yellow line.
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Still grinding up against the top of the smaller ascending channel. Individuals need to be cautious here as indexes test ATH's and start hitting pivot points.
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Higher Timeframe:
Touching this upper trendline (dotted)
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Shorter Timeframe: Rejecting off this trendline (solid)
I am hedging my long positions with weekly puts on QQQ and SPY.