Can the Bulls Step Up?

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Our View

The ES made its low at 9:50 at 5278.25 and made its 5298.25 high at 10:40. 

For the next 2 hours and 15 minutes it chopped up and down and traded back up to the high at 5298.25 at 12:55, then for the next 2 hours and 35 minutes the ES dropped and popped up to lower high at 5297.50 at 3:30.

From 3:30 to 5:00, the ES sold off 29 points to its low at 5268.00. 

I bought yesterday's down open and held the ES for the day. I know they sold the rips yesterday, but they also bought every dip. But late when the ES rallied back up to the highs, the NQ did not participate and that's when I pointed it out in the MrTopStep forum:

• IMPRO : Dboy :(1:43:12 PM) : nlotc (new lows on the close)

and later I posted this:

• IMPRO : Dboy : (3:35:58 PM) : PitBull 101 The ES tends to close in the direction it starts out.

I have to admit my early thought was the ES would keep going, but the breath got weaker and weaker as the day rolled on and after the auction you could feel things start to weaken as the 10-year note yield rose to 4.623% — from 4.542% Tuesday — the highest level since April 30th.