Still No Sellers To Be Found in the Equity Indices

After a 183.25 point, 9%, 12-session, post-election vertical tear, ES (Emini S&P 500) is trading just 8 points, or about 4% off of its rally peak!

If nothing else, we certainly have to give the bulls props for scaring the sellers into absentia.

Whether or not we should also connect the dots further by suggesting that the lack of sellers means buyers imminently will swoop in and goose ES into another upleg is debatable, but will become less so if ES claws its way above the two highs at 2209.5 and 2211.75.

Should that be the case, then my next optimal upside target zone is 2220/25, in route to 2250 thereafter.

Conversely, a sustained break below 2198.75 will argue strongly that the digestion-correction off of the all-time high is not complete, leaving ES vulnerable to testing more important near-term support at 2192.00.