I'm Still Bullish, but More Cautious

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I can't tell you how many times I saw the markets stop at or new a new high — or up against a big round number and a new high/low. 

On this specific occasion, it was a big gap higher and then a rip and instead of punching out 4900, it puked down to 4875.25. I think this is normal price action after a three-day 152-point rally. 

I want to make something clear: I'm still bullish, but more cautious. The ES is in need of a further pullback and some lower back-and-fill.