ES Update

.

.

ES has now achieved the VST confirmed resistance target at 1479.25

Nearest support is at 1471.50 and a break below would bring in the first counter-trend sellers (day traders).  The bottom of the VST range is at 1456.50 and a break below that line would bring in the next level of sellers targeting the open gap at 1423.75

If 1479.25 is broken to the upside, next VST targets are at 1483.75, 1491.50, and then the big one at 1519.50

First order of business this morning is to see what happens here at the first retest of 1479.25

.

.

.

So long as ES trades above all ranges and trendline resistance (currently trending in all time frames > 1471.50)–it just doesn’t get any more bullish than that!  That is precisely the sort of setup that spells ‘checkmate’ for the bears–where all hope is finally lost.  That is also exactly what the pros want to see to force covering and to assure capitulation.

The pros bought in at 1334 (bottom spotter) and at 1382.25 and they are quite happy to sell those investments > 1461.75, which was the old structural high at the time of their purchases and the target for the squeeze move.  See how that works?

.

Today is January options expiration and we have a market holiday on Monday.

…my .02

.

..