Making A Run For It

We’ve got movement people! As I’m typing this the spoos are attempting to pull a fast one on anyone positioned short before the open and we may see an attempt to push into the ‘end zone’ (e.g. anything above 2080). For now the ES 2060 mark is a key inflection point which, if broken, will most likely lead higher and break the current long term resistance I presented yesterday.

In terms of resistance we’ve got the 100-hour BB near 2057 (June contract assumed) which almost sits smack right on the diagonal on the daily panel. A few handles above we have the upper 25-day BB near 2063, which if breached opens up the way to the final hurdle:

And that one is the diagonal resistance well established at this point and now hovering roughly around ES 2080 on our monthly panel. Yes, quite a bit of work left to do here but the tape feels frisky and it’s time to pay attention.

Words To The Unwise

Short opportunities here would be incredibly tempting but I do not recommend jumping into any short positions based on vacuous hunches right now. I do not see any signs of weakness nor technical evidence pointing lower here right now. If that changes then I’ll be sure to let you guys know – but until then let’s stick with the tape we’ve got. Which means for now you’re either long or you’re in cash.