ES Continues to Grind Higher with Sellers on Strike or at The Beach

This picture continues to amaze, no? ES (Emini S&P 500) made yet another marginal new all-time high at 2185.75 today, as it slinks to the upside in micro moves.

Indeed, the overnight range so far is just 5.25 points.

Ordinarily, we should expect the intraday range to expand throughout today’s session, but who knows?

If it does expand, then the path of least resistance is up, towards 2200 next. On the other hand, should ES break below 2175.25, the "weakness" will inflict initial damage to the post-Brexit uptrend.

More importantly perhaps, if 2175.50 is violated, the July-August rising-wedge formation will break to the downside, which should represent a major warning that there IS two-way risk in this market after all.