I didn't think the market would go more than a point or two above yesterday's high at 1101.75. Instead it has now traded as high at 1107.75. This is the first day in two weeks that the ES has pushed steadily higher all day, and it is occurring as the market is breaking out above the 1103 high of a three week trading range. Moreover, it looks like we shall close today entirely above last week's range, a very bullish development also.
This all is evidence of a market that is gathering strength and I think it is a prelude to much higher prices. Meantime I think the next break will be modest, maybe 10 points or so. I don't expect any correction of more than 20 points until the ES moves into the 1120-40 range.