The big question is, where do we go from here? Looking at the daily and weekly charts, there is strong resistance in the 880-884 area. Looking at the 15-min chart, I'm thinking we may get one more push higher into the 880s, and then a strong pullback (3 drives to a top?). If we break above 884, getting to 900 shouldn't require too much additional effort. I don't claim to be a "market technician", so these are amateur observations. My only other concern is, a lot of traders are expecting a pullback here, which is usually a good reason for the market to push higher (traders enter short too early; then cover pushing prices even higher). Check out the following 15-minute chart and let me know what you think:
ES 15-Minute

In support of the bulls, price did break to a new swing high (872) and closed above the mid-point and volume trend indicating strength. The NYSE TICK also remained above zero for most of the day.
On to the regular charts...
ES 610-Tick bar Chart (Morning Price Action) - Range-bound all morning

ES 610-Tick bar Chart (Afternoon Price Action)

Gap filled within 10 minutes of open

ES/$TICK (3-Min) - $TICK MAs above zero most of the day

Where you at today buddy?
ReplyDeleteTaking the day off lounging on a beach somewhere? ;)