ES Continues to Levitate Just Beneath Multi-month Recovery High

ES-- Nearly 20 minutes after the PPI and Jobless Claims data were released, ES continues to levitate just beneath its multi-month recovery high (this AM) at 4527.00. The longer this goes on this AM, the more likely the bears are going to become increasingly nervous and start to cover yet again, which could be one of the drivers of upside continuation that points next to VERY CONSEQUENTIAL RESISTANCE lodged at 4555/60 (scroll down to my first chart post earlier this AM)...

However, in the absence of upside continuation, my eyes will be focused on support at 4500 (see my attached Hourly Chart)... Last is 4522.75...