I know its been a long time since my last post, but I just wanted to make a quick comment regarding the current market action. The ES (H-14 March Contract) is consolidating just below another all-time high (1856.75 made on 2/21/14). ES is trading just below significant resistance and is showing some signs that could indicate a topping pattern (with the tail that formed following last Friday's new high and the inability to trade back up to that high).
Even with the potential for markets to sell down a bit from their current levels, the market remains bullish with no overwhelming evidence to suggest the current bull run is over. For that reason I will continue to hold my current long position. There is good potential that the ES could trade up to at least 1880-1890 from here.
Even though I do remain bullish, it is important to be aware the market is extended overall. I will be looking for some sort of topping pattern to occur in the coming weeks. Though I am long the S&P 500 now, I will consider reversing that position sometime in March.
Even if my posts are infrequent, I will continue to post my swing trades in the right column.
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