Good morning, folks. The ES has, not surprisingly, pushed from its badly-oversold level of 813 up to about 837, but as you can see from the image below, there is so much overhead resistance in the short term that it has backed away.
I made some quick green yesterday evening with a long position, and this morning I sold ES at 830.50, since the odds of weakness in the very short-term seem to outweigh the odds of strength. This market is going to continue to be treacherous until we make some serious, serious headway to the upside (over 1,000 on the S&P), which is going to take some time. Until then, those with fleet feet will prevail – – – and those overly "committed": (ahem) will regret their dogma.
