New Highs, NYSE all strength

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The ES made its 46th new high for the year. I will review how many of those new highs were made over the last two months, but I know it's a lot, and it looks like there are more to come. It’s 2:20 PM, and only 557K ESZ24 contracts have traded. The higher we go, the lower the volume. I know it’s a holiday, but volume has been hovering around a million contracts a day, with the most recent low at 950K for the last two weeks. Let’s face it, despite several reasons to sell, the ES and NQ just keep pushing higher.

I moved my ES upside objective to 6200 four months ago, and I still believe it’s possible. However, I think there will be market turbulence when Israel and Iran start clashing again.