As much as I have been finding reasons to stay long in this market the ES seem to be losing steam. Perhaps its just the low volume over the extended weekend, but you can't ignore a few signs of weakness. Since the break of the ATH on Aug 24th the ES has been chopping sideways and getting rejected at the 3600. The latest push higher has started to get a rounded look to it and the RSI on the daily has an obvious divergence. I have recently changed my RSI settings to 62% and 38% because I have notices breakouts are not sustained unless the RSI holds above the 62% mark. Maybe its just my love of Fibs playing with me but its seem pretty consistent. Currently the RSI is threatening to drop below 60 again. All this needs to be confirmed by price. As long as price stays above 3377 the chart remains very bullish.
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Small pull back today but recovered nicely. RSI working back above 62 so maybe this still has some juice.