Happy Friday, everyone. The futures are pure green right now, when the /ES precisely at its prior peak.
As of this moment, half an hour before the opening bell, the /ES gave a high-five to that peak and then eased back. It’ll be interesting to see if the momentum returns to punch through it.
More interesting to me is the /RTY (Russell 2000) futures, which, having finally broken its Fibonacci earlier this week, has approached it, although this time from beneath (as resistance).
Here, too, the market managed to get up to it (and a little above) but is, I must emphasize, at this moment, easing back. Since I’m long IWM puts, I’d appreciate it if the market gods could smack this back down.
The /NQ superstar, on a long-term continuous contract basis, is very close to a new lifetime high.
This, has been the case for eons, being driven by semiconductors, and NVDA in particular. The grey portion of the chart below shows just how much higher NVDA has pushed past its new-lifetime-high-every-single-day levels from Thursday’s close.
