(click image to enlarge chart)
This morning we are seeing the third test of key VST (very short term) support at 1276…
ES 1279.25 was the top of the old resistance band, and if the recent goal was to push above that band simply to run the bear stops–then there would seem to be no further reason to revisit that area (since it would have been theoretically ‘fished out’ for buyer prospects). If, however, we see a sustained push back into that area above 1279, then there would be an implied interest to go higher and extend the current trending run from the December 1, 2010 reversal buy at 1185.
I have updated the VST targets on the chart above to show the heavy resistance band at 1296-1303, as well as the bearish targets to the downside, should 1276 fail to hold.
ES 1276 continues to be the line in play…intraday action is bullish above/bearish below.
All Stops and Targets primary trends remain up > 1257.50