We've been trading in a 5 point range for the past 4 hours. We are now testing the top of that range as we approach the range high resistance at 1172-1174 on the ES. A break above 1173 may result in continued momentum upwards, but we need to confirm above 1174 first. If we do, watch for a test back up at the 1180 highs. I will look for a short entry at the highs if that happens.
If you don't think we will break above the current range, 1172-1173, you can look to short off that level (or off a slight up-tick to 1174). Keep in mind that we are testing the high level of the range for the 4th time today. This can often result in a breakout above the range. Odds are less likely that the resistance will hold the more times it is tested.
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