The Hourly Chart Is Bullish… What Else Is New?

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Yes, it looks bullish again. Although last night toward the close in New York when it looked like it would launch it stalled, and it’s still in that same range. So the fuel doesn’t seem to be there for follow through. Let’s see what happens this morning. A failure to get through 3212 on the ES would give the bears the ball.

For now, the indicators say a move up is likely with targets of 3220-3230.  Not a big deal.

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UPDATE  5:50 AM ET

The daily chart gives some perspective on just how significant the current level is. A move through 3233 would trigger a launch. The target could be 3260 or 3285 by the end of the day. And that would only be the beginning.

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UPDATE 8:30 AM ET

Indicators are bullish and portend a breakout thorugh channel resistance at 3215.  2-3 day cycle projection 3225-30.

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