Dragging the Emini Fibonacci Grid to New Highs Dec 7
Buyers continued their relentless campaign of accumulating stocks as the S&P 5oo broke to new lifetime highs.
Here’s today’s updated Emini (@ES) trading levels for your trades:
After a pullback took the market toward our 23.6% Fibonacci Level last week, buyers aggressively intervened on the Double Bottom with Divergence pattern I highlighted Friday:
In a bull market, prices simply go higher! Buyers are aggressive and short-sellers aren’t strong enough to thwart the campaigns of the buyers.
In fact, as a market breaks to new highs, many bears (short-sellers) actually become buyers when their stops are triggered.
That’s what’s happening today with the instant breakout impulse right now.
The Fib Grid won’t come into play until we do get a retracement but still keep these levels handy for your reference.
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Corey Rosenbloom, CMT
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