"Thin to Win" Prevails as ES Hits New Highs

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I don't know how to explain it, but I got this weird feeling that things just can't keep going like they are…Did you see gold? It traded up to $2,689.35, oil jumped and so did the S&P and Nasdaq. I tried to paint a less negative picture in yesterday's Lean for 3 reasons:

1. Monday’s low held and put in a “higher low” from last Friday's low 

2. Low volumes leading to a “thin to win” type of tape

3. Too high of expectations for the negative seasonal stats

I still think there will be some down moves coming, but right now the ES just made its 41st all time high backed by bellwether Nvidia climbing 4%. 

How bad can it be?