The Precise Take – ES pokes above 1350

Big Picture Analysis - Yesterday’s early weakness was once again reversed, with the ES closing near its highs four days in a row.  This morning, a favorable Jobless Claims number and news of a Greek austerity deal facilitated a run to 1352.75.  Below, in the 135 minute chart, we see a volume area having formed from 1334 to 1347, with the high volume node at 1339.  These volume bases will tend to mitigate losses on any selloffs.  Wholesale Trade at 10:00 am is unlikely to be a market mover unless widely out of consensus.

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