Closing In On Our ES Target
Internals and price action continue to be bullish, while options data is neutral today. I still have a target of 3140 on the Emini S&P 500 (ES) from the triangle breakout we were tracking a few weeks back, and we are getting close.
Here's what our three indicator components of our system are saying: NYHL1M positional setup is on a buy signal. Micro2 and Micro1 both are also on buys. So the indicators are implying that the path of least resistance is still up for now. While I still think we may be nearing some kind of top, we stay long as long as the system remains on a buy.
See table below indicating that since the indicators went to a buy on May 18, we're up 134 ES points.