2 words can easily characterize the action of the past week: grind higher. The cash market was only opened 4 trading sessions or better said 3 and a half, but managed to score new ATHs in 3 of those days. Less impressive was the actual movement in terms of points, being only around 20 points above the high registered in the previous week. Will this prove to be the proverbial calm before the storm?
Nothing new to report on the weekly cycles. Still looking for a resistance to trigger which will likely point the turn. But still no clear sign about when one might trigger.
The resistance triggered on YM on the daily cycles failed to stop the advance. The market broke through so it remains to be seen if the resistance on ES (once it triggers) will be more respected. The directionality tool is still at the maximum point and it will be important to see when it will turn lower, as confirmation of a likely turn.
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