We’re starting to get several layers of profiles building upon one another.  Seeing this tight consolidation after the monster run we had to start the year is impressive. It suggests a strong bid is present in the market.  Support levels are holding.  I’m always on the lookout for a rug pull, but I continue to give upside the benefit of the doubt.

First level I want to draw attention to is 1456-1457.  I highlighted the price level yesterday morning for its confluence of multiple reference points.  Yesterday added another reference point to the mix after trading above the level for most of the day only to give it up going into the afternoon.  The result was a very low volume “slip” zone.  I won’t look too far into the level except to say interesting activity has occurred at the level and where we sustain trade relative to this price is our tell going into the weekend.

Key overhead resistance for reference today is the VAH from 01/04 which also was the globex high as of this writing.

Today’s trade was looking very constructive early morning, taking out the important resistance I highlighted this morning and building value higher after a progression of TPOs marching higher.  Early AM longs were working and solar was ripping dicks, which is a highly speculative sector.  The charts were setup something perfect and the fact I didn’t even turn them an eye in this administration is somewhat disturbing.

Let’s be frank with each other, this market is overheated.  The dick ripping shorts received yesterday was not medieval torture, it was a 100 degree samurai sword simultaneously de-cocking and cauterizing the wound with surgical precision.  We may have to check with @HalfBloodPope but I don’t even think antibiotics are necessary.  And come on, The Fed had to pump the breaks into the fast approaching weekend.

I think this market “wants higher” but I also think people who want in are sidelined and ready—charts all marked the fuck up.  Lunchtime buyers are the bag holders until proven otherwise, here’s where the inventory is priced.  Good day to you: