$ES_F still running with the bulls...2375
I saw my favorite scare mongering headline on Friday: "Institutions and HF are using the rally to sell to retail investors..." Has anyone looked at HF performance over any timeframe, since 2009? Enough said. I'm happy to keep buying SPX futures and options from them!
Moving on... Friday's 3:30 ramp (3:27, to be exact) saw a new all-time closing high for the futures. That move coupled with sustained strength throughout the entire Friday session invalidates the bearish impulse during Friday's Euro session - below 2357, and firmly moves momentum back to the bullish side. There's weak resistance at 2367 - which I'm ignoring, and choosing to focus on 2360. This level corresponds with the termini of prior bullish impulse legs, fib extentions and the typical 10pt range we've cycled through over the last two months. From there, I expect a small 3pt pullback followed by a surge higher to my 2375 target, which is firmly supported by both trendline resistance and my max divergence metrics (similar to a mov avg bollinger band).
Moving on... Friday's 3:30 ramp (3:27, to be exact) saw a new all-time closing high for the futures. That move coupled with sustained strength throughout the entire Friday session invalidates the bearish impulse during Friday's Euro session - below 2357, and firmly moves momentum back to the bullish side. There's weak resistance at 2367 - which I'm ignoring, and choosing to focus on 2360. This level corresponds with the termini of prior bullish impulse legs, fib extentions and the typical 10pt range we've cycled through over the last two months. From there, I expect a small 3pt pullback followed by a surge higher to my 2375 target, which is firmly supported by both trendline resistance and my max divergence metrics (similar to a mov avg bollinger band).