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Market Review:
Let us Work the Numbers.
Working through midpoints, and redundant calculations can be a good way to understand the market in front of you.
There are two midpoints that are important to the current market. The first is the midpoint between the 2022 open, and the 2023 open. 4771.00 and 3895.00 produce a midpoint at 4333.00. The second midpoint to be aware of is between the open of July 4485.50 and the open of October 4349.00 (3rd and 4th Quarter opens). These two numbers produce a midpoint at 4417.25.
Redundant calculations are numbers that could repeat in the market at different handles. For instance, the low of November is 4191.25, and the overnight trading low is 4390.25. 4405.00 is 200 points above the November open at 4205.00. It is not really a calculation.
The October high of the ES is the hot number. It is the high of the previous month. The last time this market traded above the high of the previous month was in July. That gave us 4634.50, the high of the year. If the market breaks above 4430.50 it will break a months long down trend.
Past performance is not indicative of future results. Futures trading involves substantial financial risk.
Please consult your personal financial advisor before using this information for your own trading purposes.
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