I am the last person on Earth who wants to say this, but I need to be honest and say it: that is a seriously scary-looking, bullish-looking, cup-with-handle pattern on the /ES futures right now. We got right back up to last Wednesday’s peak and are threatening to jump over it, thus commencing a new breakout.
The bears’ last friend is all the overhead supply above that line. Even if it IS breached, the market is going to have a much harder time slashing through this razor grass than it did lilting up to its present price level. I’ll say it again: it’s ALL up to the CPI number tomorrow morning.
