as the market moves straight up without any pullback over a period of days or even weeks, like it did after the Trump election, volatility tends to contract in an uptrend. Now this makes swing trading easier, but it makes scalping much tougher......at least for me.
There is no obvious reason to be short right now other than grabbing small gain counter trend trades.
If I get an obvious sell signal, I will change my viewpoint. But my belief is that we head higher in the coming days---perhaps even today but I don't know.
At the moment, the infamous 49.50 area has held as floor, but it's too early to totally conclude that. --A lot of time left today--More than 2 hours.
Cash got over the 2360 hurdle that was described yesterday and now we need to get over 2364 . If we do that, the next challenge will be at 2383.00 and then at 2391.00. ---Staying long here. --Cash is 2360.65 currently.
Back to ES analysis, we're a point and a half away from punching through the day's high. That would be nice to do that and stay above it heading into Volente's T day.
What we don't need is for the market to fall and break through that 49.50 level again---and there is plenty of time left for that to happen.