Market Provides First Real Signs That a Correction May Be Starting

In the immediate term, I am switching my bias to bearish. This means I favor selling the rallies. The downside action has yet to officially confirm, so this outlook could change.

Yesterday's price action saw the ES make another new high which came within 2.25 points of my target resistance of 1688-1691. The rally was quickly rejected and the markets have since traded back down and engulfed the previous 5 days of upward movement. I expect further downside action and continue to hold the 1/2 position swing short. I was not able to add a contract to the position near the highs, so the short-entry remains half of a full position.