The market finally broke the side-ways movement last week and moved decisively higher. Both ES and YM made new ATHs, ES breaking 2300 and YM 20.000.
As a result, on the weekly cycles both ES and YM moved above their resistance levels. ES is starting to look like an attempted break-out, while YM only briefly spiked above. Next week looks to be important because if the market continues to move higher, the break-out on ES above the resistance level might be confirmed. Which would be full-on bullish.
ES and YM are in even more different situations on the daily cycles. ES broke also here above it's resistance level. However YM bounced off its bullish retrace (BR) support but didn't trigger a resistance yet. Once it will, that would mark the last stand for bears and likely a good chance to turn things around. If they cannot and we get impulses up on weekly and daily, then it's likely the market will go a lot higher. The directionality tool started to bounce from the lowest level which is a sign that the market is trying to push higher.
The 288 and 480min cycles You need to be authorized or upgrade to see this content. Please go to http://mcm-ct.com/membership-signup-dev-2/ to sign up.