Bulls Jam ES and NQ to Record Highs...Again

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Our View

I was spot on about buying the lower open and ‘thin to win’ and a continuation of last week's price action. The ES had a 9 point dip after the open, then soared more than 70 points to the session high. The YM snapped a 4-day losing streak, closing at 39,253.00, up 244 points or 0.63% on the day. 

Did you know that the top 15 names in the S&P 500 continue to make up most of the gains? Yesterday it was the same old names: Apple +2%, Microsoft +1.1%, Amazon +0.22%, META +0.50%, the semiconductor ETF SMH +1.7%.

On Monday, the ES notched its 30th record close in 2024, with yesterday's rip coming after the S&P 500 and Nasdaq posted their seventh weekly gain in eight weeks. It doesn't matter if you are a bull or a bear, but when you hear major indices are up or down 7 out of the last 8 weeks, it's normal to question it. 

Remember the ES traded down to 5270.25 on May 31st and in 10 sessions has rallied 290.75 points — that's a gain of 29.1 points per day.