Bulls and bears have been in a tug-of-war since November that has looked more like accumulation than distribution. However, the failure of the S&Ps to break out to new record highs last week when exuberance over Trump’s election was feverish implies stocks may need to sell off hard to get running room for the next big upthrust, assuming one is coming. I expect the implied correction to bring the March contract down to at least 5863.75 (daily, a=6107.50 on 12/26) before the futures find good traction..
ESH25 – March E-Mini S&Ps (Last:6134.00)
