No surprises today. The scenario posted last night called for "a range-bound consolidation day with minor range extension to the upside" and the plan was to "buy the dips and short the upside moves"; which worked out well. 1137-1139 is Resistance at this point. Keep in mind, we're closing in on the Yearly Highs, so Resistance here should not be a surprise. At this point, even a pullback to 1117-1121 wouldn't change the short-term bullish stance of the market, IMO. Bears begin regaining control below 1112, with 1095-1103 being true test on the larger time frames. To put this in perspective, consider that a move down to 1100 is only -3% from current levels. Either way, we're close to an inflection point and volatility should return shortly once the market figures out its direction. Bias remains bullish until conditions change.
ES 5-Minute Chart
ES 30-Min Volume Profile Chart
ES Day Session Volume Profile Chart
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