Strong rally neutralizes downtrend

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  Overnight, the ES broke down below the 1863 level to continue the downtrend lower on the 60 minute chart.  Price finally found support for now at the 1821 level, but I feel that there still might be unleft business for price to head down to the 1804 level.  Price was lower all day until 3:10 pm reversal time where price took off and rocked upward all the way through mS to retouch the 1857 MR level.  The latest move ends the downtrend threat for now but at best price looks sideways from here going into Tuesday.

ES 02082016 PM
ES 02082016 PM

  

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