ES closed just above the 2.618 Fib extension at 3076.93 yesterday and proceeded to conduct the usual overnight meltup, aided by a nonsensical ADP jobs report. Consequently, it is closing in on the IH&S target of 3108 from a pattern completed way back on Apr 6.
At the same time, COMP – which has struggled to move beyond its .886 retracement, let alone make new all-time highs – just completed a golden cross, where the 50-DMA crosses above the 200-DMA.Is there even such a thing as overhead resistance any more? We should find out today.
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