There are no fundamental changes to suggest the bull can continue. Greece is and will remain a problem, but who does not have financial skeletons? The Euro will remain. Europe without the Euro has proven to be a bigger fear than the financial issues with the Euro. But markets are always looking at the future. Not what is happening today.
The bull ES has 3 targets that need to be tested. Two have been hit, and we are at one of the targets. The targets are: 1161.25, 1166, and 1171.5. I'm thinking the October surprise came early. The surprise this year is a return to higher ground. The issue for the bull: The daily ranges of many markets (including the ES) are at the top of a bearish biased channel, and there is always the risk of a rollover. But given a break out, the 4th quarter becomes very bullish for new yearly highs.
6E looking for 3414 3495 3534. Longer term, 3691
NQ 2228.25 2258 2284
REVISED FOR THE US MARKET: 7:05 am est
ES 1171 1168 1165.75
NQ 2232 2228.75 2225.75
YM 11206 11178 11166
TF 667.8 666.5 665.1
6E 3589 3565 3539
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