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Reflections #7 - Are we there yet?

ES1 has a look above key resistance zone from 4310 (61.8 Fibo) to 4330 (Aug22 high) this morning to find out how cozy it feels in this altitude. Tonight's CFTC positioning will be interesting to gauge the extent of short covering amongst large specs, which were record short up until last week. There is hardly any fundamental data which supports a massive move higher but the pattern over the last weeks, which saw huge moves on thursday and friday, suggests FOMO flows and short squeezes are dominating the market. Watch out for signs of AMS (acute montain sickness).


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