Maybe it's an election, and someone wants the futures pinned to 5,800. Maybe not. In any event, here are some observations.
The overlap is only good on the front month futures contract. The SPY and the roll-over contract do not show the overlap. Counting is dreadful, but that is expected as we appear to be in one heck of a wedge. Note than an alternate is clearly indicated as red ③, as we do not want to assume upward movement is over - as whippy as it is.
Have a good start to the evening and the weekend,
TraderJoe
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