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...

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!