Emini S&P 500 (ES): Sellers Remain On Strike
By
Mike Paulenoff
ES-- After puncturing resistance at the Big Figure 6100 level late yesterday and then climbing to a new ATH at 6102.25, ES retreated to an overnight low of just 6091, and since has levitated around 6095/96!
In other words, sellers remain "on strike," which tells us that ES will need to climb to higher ATHs to entice some profit-taking.
Where might that be? Barring a bout of weakness that slices beneath key nearest support from 6082 down through 6048, my work points to 61.20/40 next... Last is 6096.75
As for the 10-year YIELD, the yield structure is sitting on BOTH its horizontally sloped 200 DMA at 4.21% and its up-sloping 50 DMA at 4.19%, which must contain any forthcoming decline to avert a downside continuation to 4.10% and possibly to 4.00% if tomorrow's Jobs Report comes in weaker than expected.
Only a sharp climb in YIELD that hurdles and sustains above 4.36% will neutralize my still bearish near-term outlook... Last is 4.20%...
