If you need any evidence as to much badly this market WANTS to go higher, just compare yesterday morning with this morning. Yesterday morning, none other than Wilbur Ross declared publicly that China and the US were “miles and miles apart”. You would think that would send the market crashing. Instead, the ES went down two points before rallying strongly for the day. Contrast that with this morning in which a RUMOR that some negotiators are TRAVELING to D.C., and equities are exploding higher across the board based on nothing but that.
Take special note of that green horizontal at 2677.75. Should we cross above that (and it seems that it would take nothing more than an optimistic tweet to do the trick), the bullish case gets even stronger, and you can see from the longer-term ES chart. That would put us on a track back to the “trade truce” peak of early December.