The market continued its bullish character from the end of the previous week and broke out quite convincingly to the upside despite a zone of strong resistance.
As a result, the weekly cycles moved further above their resistance levels in what can be considered a break-out. ES just confirmed the up impulse (by having the mcm-MA moving above the break-out level), while YM despite needing more work before confirming an impulse, has moved significantly above the resistance level as well. These new up impulses on the weekly cycles are significant and change the intermediate term picture to bullish.
Same thing is confirmed by the daily cycles. Both ES and YM are in confirmed (nested) up impulses.
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