$ES Short

R/R isn't there to go long unless there is a clear break of the ascending channel.

Commento:

ES pulled back as expected but did not reach the bottom of the channel, instead we are retesting the top of the smaller channel. I would be cautiously short since the break of the larger channel but we will have to see if it holds above the solid yellow line.

Commento:

Still grinding up against the top of the smaller ascending channel. Individuals need to be cautious here as indexes test ATH's and start hitting pivot points.

Commento:

Higher Timeframe:

Touching this upper trendline (dotted)

Commento:

Shorter Timeframe:
Rejecting off this trendline (solid)

I am hedging my long positions with weekly puts on QQQ and SPY.