Good morning, everyone. As I sit here, there's a half hour to go until the release of the jobs report. I noticed something interested about the ES minute bar chart. First, I've had a longish trendline drawn on this for a while now (the descending line you see below, which was broken to the upside about a week ago).
What's especially interesting to me is how prices have been crawling along the top of this line, even when viewed up close.
This at least indicates to me the value and importance of this line. In spite of having a mix of long and short positions, I'm tilted pretty heavily toward the bearish side, so I'm hoping we see a push down, but to be honest, this line seems to imply some resolution on the part of the market to stay on the bullish side of this line and try to push higher. We shall see soon!
