Exited Long Position Though Market Remains Bullish

Exited my long position (ES U-13 at 1689.75) just before the close of Futures trading this afternoon. I'm not bearish here, its just the odds of holding for more gains do not necessarily out-weigh the odds of a pullback. The ES has moved up 30+ points with hardly any selling since the highs last Friday (9/6/13). The 6th was a shakeout day and the fact that the bulls won suggests that even higher highs are likely in store. While we may get those new highs, the ES is hitting some good resistance and could sell down a bit from here. I may choose to re-enter my long position in the coming days depending on price action.

I am watching the 1657-1667 range (price refers to the ES Z-December contract currently trading 6 points lower than the ES U-September contract) now and will likely buy any pullbacks to that price area.

A close below 1657 (ES Z 13 contract) would turn me bearish and suggest a move back down to 1600 would come next. I don't expect that to happen in the near term, so I favor buying the dips at present.

I will be looking for short entries if the ES (Z December contract) trades up to 1730 in the coming week(s).

This is my speculative view looking forward, we'll see how the price action plays out...