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Upside Risk

By Ilene
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Courtesy of Tim Knight at Slope of Hope

Upside Risk

The fact that the /ES didn’t break 875 is bad news for the bears. Period.

The above is a pretty damned bullish chart, as much as I hate to say it. The "upside risk" seems pretty substantial to me, as I look through my general index charts.

 

This market is going to keep climbing higher until some powerful exogenous reason appears to sell it down hard (a general earnings collapse, a surprise attack, or God-knows-what-else). Today’s very strong volume is pretty bad news for the bears too, I would say. For my own positions, I have beat a hasty retreat on the short side and have a small long position on the /ES to try to balance things out. I am in a very defensive stance right now.
 

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