It wasn’t that long ago that the release of the Fed Minutes was the most unimportant non-event of any given month, but these days, the entire financial world teeters on the edge of its Aeron chairs to pick apart every word, phrase, and semi-colon. As I’m typing this, the ES and NQ are roaring higher.

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The thing is, the /ES is precisely where it was way back on June 12th. We’ve spent weeks just grinding around, going absolutely nowhere. The purple line at 3860 has provided relatively decent resistance, but as I am typing these words, the /ES is beginning to peek a little bit over this barrier.

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The fly in the ointment for the bulls is that “hump” in the middle of the chart above, which was the last meaningful effort on the part of the bulls to really put together a hearty counter-trend rally (which obviously failed). Thus, even if they manage to push past that purple line, it’s going to continue to be a slog, since the intraday action has, for weeks now, been a big, fat mess (and in a relative state of equilibrium).

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