ES Morning Update July 14th 2016

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The futures continue higher, wiping out more and more bears.  At this point they really might be headed to the 230 SPY FP from late last year, it's just too hard too believe right now.

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There's a rising trendline of resistance overhead that the futures came close to this premarket, which could be enough resistance to allow a pullback.  But right now there's seems to be nothing stopping the bulls as they gap up, trade sideways all day and ram it up again overnight to gap up the following day to do it all over again.  I'm sure I'm not the only bear out there that didn't see this coming and is now drowning.

So, at this point I just will watch and wait patiently as chasing this bull is futile.  If it goes to 230 on the SPY (2300 SPX) I'll just watch it happen without me.  Not that I'm a stubborn bear but more like "I can't believe the rally will continue", so why chase it?  It's not going up on traders going long, it's going up on bears' having to buy back their shorts at a loss.  Unfortunately those bears keep shorting on ever move higher.

Anyway, that rising trendline is all I see as overhead resistance.  Other then that we are in uncharted waters overhead so the upside is unlimited.  The downside levels aren't worth calling out right now as I'm sure every bear knows them anyway.  I'm pretty tire of chasing this bull so I'm just going to sit on my hands and watch until he tires out.  Then I'm going to kill him and eat him!  🙂