Yesterday's the bears ambushed, controlling the entire session and carved out a bearish reversal bar. Today, the bulls countered and completely offset yesterday's action. It's clear that most of yesterday's participants were squeezed out of the their short positions today. The only curious thing today, was that the ES came within 1 point (4 ticks) of yesterday's high and stalled. The bulls couldn't finish the job and close above range highs (white line segment in chart above).We are at a critical level. If we retest highs tomorrow, watch for confirmation of all major markets. For example, if ES breaks out, but isn't confirmed by NQ, YM, and TF, it will be suspect and the bears will jump back in.
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