Almost four months ago [see: Aug 24, 2020 Update] we noted that the next overhead resistance once ES broke above its Feb 3397.50 highs was the 1.272 Fib extension at 3730.37.
Seeing ES pop above its former highs means there is no specific overhead Fib resistance until the 1.272 extension at 3730.29 (SPX 3720.37.)
I didn’t consider gaining another 10% all that likely, so didn’t even bother showing it on a chart at the time. In fact, ES’ first two pushes above 3397.50 failed miserably. It wasn’t until Nov 4 that it finally left the former highs in its rear view mirror.
Last night ES got within 7 points of that resistance we discussed all those months ago, reaching 3723 on quad-witching eve – begging the question “has the rally run its course this time?” It certainly appears so.continued for members…
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