The Gap nears, but don't count on it, just yet.

Finally, we have broken through the June highs! As you can see there is a rising wedge forming, and if I were a betting man I would say a straight move to fill the gap will not be in keeping with the character of ES. I think a push up to the century figure or around the 3305 area will likely stem this push before a sharp rotation down. My expectation is the 78 -94 area, before the gap fills. However, that is getting ahead of myself and that determination can only happen after tomorrow's action. For now, I do not rule out a retest of the 20 area tomorrow, before the likely move to the century figure. GL/

Comment:

Nothing really to update here. Notwithstanding the machiavellian moves designed to make you work real hard to eke a profit over the last two days, the bi picture remains the same. We did get a move down to the 20 area (28). For now, as long as the 56-60 area holds, likely we head higher, but I will be watching closely the gap at the 80-81 area. Perhaps, that is where we head before heading down. Given he moves of the last 2 days, anything is likely. GL.

Comment:

Well, we sneaked past 81 to touch 84 in th eO/N session and since then we have been rolling. I would be careful with longs here as here is potential here for deeper PB. We did get to the 20 area finally and then some. I think the deck below remains around the 20 area with a possible extension to the 10- 11 area. Below, that we open up the 78-94 area as mentioned above. Do not be surprised if in the morning tomorrow we are north of 54-57. We could traverse right back to the 74-80 area and still be in sell mode. The trade and stock action of the last few days was a good harbinger of what might occur. GL all.