Before the open today, S&P 500 E-mini Futures (ES/) are up around 1338. Having held 1330 with a rally into the close yesterday, ES is now bouncing off my first support, a trendline from the shorter-term wedge that can be found in analogues to 2009, 2010 & 2011:
Things are getting interesting here, given the development in longer-term fractals. The weekly chart portends an eventual collapse, with indicators showing bear divergence against the bull pricetrend since 2009’s low. The monthly is still hovering around resistance of a bear channel, which illustrates the secular bear market since 2000. These two reads suggest there’s a real risk of collapse within months to quarters, but the daily chart shows a wormhole higher in the short-term:
I’m doing some buying today. I’ll be using some cash to add to certain singlename positions, but the meaningful activity will be in index ETFs. I’m still going to maintain my High Yield Credit singlenames and a pile of cash.