ES-- after a bit more than 2 hours of trading, the tailwinds from both the 12/26 and 1/04 Bullish Engulfing Candles (aks, Key Upside Reversal Days) continue to push the near price structure higher, into my next optimal target zone of 1550/60. As we speak, ES is making new recovery highs at 2557.75. If 2562/66 is taken out and sustained, then ES will point to 2580/90 thereafter.
Let's keep an eye on hourly RSI (see chart), which is lagging the rising price action into new high territory, and as such, is not confirming this AM upside continuation-- so far.
As long as any forthcoming intraday weakness is contained in or above 2528-2522 support, my work will remain near term constructive, however, a decline that breaks 2528-2522 amid an unconfirmed hourly momentum set up will be a warning signal that the recovery rally is at or nearing upside exhaustion... Last is 2557.75