Market Still Grinding Higher
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Today, the market opened lower but quickly pushed to new highs, offering no clear sign of a top just yet. As such, we continue to monitor the Fibonacci resistance levels above and key support levels below for any indication of a reversal. Patience remains crucial as we wait for the market to reveal whether it's ready to form at least a local top or continue its upward grind.
Overnight, the market briefly broke through the upper support level but held the key support zone between 5854 and 5776, as shown on the ES chart. As long as we stay above this zone, there's still potential for further upside. If support is broken, we’ll shift focus to the structure of the initial move down to determine whether a larger top is in place (possibly completing the larger wave b) or if a more complex corrective pattern is unfolding. For now, we wait and watch how the downside structure develops.
