Context

Last night the CONTEXT model was DEEP in the red, recently the underlying conditions that make up the model have improved slightly and the model is now higher than ES, not by a lot as there are some significant head winds, currencies are not supportive, but for the most part they aren't hurting too bad either, they are pretty much in line. I would think this is why we are seeing some external support on the charts, for example ES-still positive.

Recently the leading positive in ES has grown even more. There's a bit of a fight going on here between the macro data and the cycle set up, but it looks like there's increased support as the day wears on, I'm still in the camp Wall Street is going to run this higher one last time.