ES. Bulls make money, Bears make money, Pigs get slaughtered!

Till this morning everything seemed like it was panning out. The bearish wedge broke, the H&S appeared to be materializing, we hit support at the 60 area bounced up as anticipated at the open but after that we kept pushing higher and of course Powell helped. Now, don't get me wrong, I am a big believer in the market making the news. Perhaps Es wants to desperately tag the 2620 area or perhaps it is people shorting at every opportunity to give fuel for further upside. I can't be sure. What I do know, is the rug will be pulled, when one least expects it. So caution is still warranted. What looked like a developing H&S turned out to be a Bull Flag on the daily so the target of 2624-30 is not a stretch. What now looks like a double top, or a materializing IHS could just as easily break down. Trade safe. Below 68 the IHS becomes a little less probable. Right now, it can go either way. Today we hit 2599.25 a level I called out sometime back, above this is the 2604-08 area and then around 2611. Lets see. I still like the 36.5 and 20 areas. Perhaps next week?

Comment:

Instead of 80 it should read 68