ES Continues to Levitate Near All-Time Highs

Although ES (Emini S&P 500) is a touch lower this morning, we can see from the enclosed chart set-up that the weakness has inflicted no damage to the still-dominant near- and intermediate-term uptrends.

Only a decline that breaks the nearest-term support line off of the Dec 30 low at 2233, which cuts across the price axis this morning in the vicinity of 2268, will inflict initial technical damage to the post-Nov advance.

Barring a break of 2268.00, all roads point to a test and hurdle of the Jan 26 all-time-high at 2299.50, in route to 2320/25 thereafter.

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