ES Journal - 2012

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Quote from trickshot:

Another day where selling is near non-existent, I think this should grind higher (slowly but surely) towards the April highs in the next few days.
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We are still about 1% away from Apr highs, no hurry to sell this thing.
 
Quote from failed_trad3r:

Im getting squeezed... are we retesting highs???:(
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Price is usually attracted to areas of strong resistance/support when its near enough, so yes I think we are retesting those highs.
 
Quote from ammo:

add 97 transports not hitting yesterdays highs,not even close
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I noticed trans not hitting new recent highs on the daily too ... a "non-confirmation" of this move, IMO. Still, I think the market could squeeze higher another day or 2 before any real reversal. Top trendline on the daily from 6/19 H to 7/5 H might be the sell point. This is only day 3 since the last daily pullback.
 
We've made the measured move to match the last several upswings, 52 points for spx as of now. This could be the high, but not likely as the last move tends to overshoot as the public joins the parabolic. This might be the best August of the market recently.
 
The last swing was ~65 points on the ES, we bottomed at 1349.25 last week so a similar move should take us to ~1415, which happens to be the closing highs in Apr. It would probably hit Tomahawk's 6/19 - 7/5 trendline as well if this thing takes another 2-3 days to get there.

Again, no hurry to sell this thing.
 
SPX, connect high from oct 2007 to high from apr 2012. almost hit that trend line today, about 2 pts shy. not sure how powerful this resistance will be but since it dates back to 2007, i would say it should be pretty strong.
 
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