Looks like the inverted head and shoulders is playing out this morning in the futures as the ES has pushed through the falling red trendline of resistance. Next up will be a new all time high if the bulls can keep this momentum going, and of course the all important 2600 level. The MACD made a lower high yesterday and appeared like it was going to rollover but the light volume of this holiday week must have taken over and turned it back up as it doesn't seem ready to quit yet. It should still make a lower high then the previous +4.0 high, but I'm not sure where it will stop.
Time wise I don't think it can go more then one more day, if not later this day? So, we could see a pullback start tomorrow but considering this is Thanksgiving week I seriously doubt if it would amount to much. More likely it would be a sideways to slightly down day. For today though I don't see much to do. The move I was expecting yesterday has now happened but with the overbought 60 minute MACD the futures might not be able to push through overhead resistance today, so it's not something I want risk a long trade on. I'm just in watch mode for today and will see how the close sets up. There might be a short later today but again, I really don't see much of a move down tomorrow even if this short works. Maybe Wednesday we'll get a good setup?
