Dragging the Emini Fibonacci Grid to New Highs

Buyers continued their relentless campaign of accumulating stocks as the S&P 5oo broke to new lifetime highs.

Here’s today’s updated Emini (@ES) trading levels for your trades:

30 Minute ES Chart

After a pullback took the market toward our 23.6% Fibonacci Level last week, buyers aggressively intervened on the Double Bottom with Divergence pattern I highlighted Friday:

In a bull market, prices simply go higher!  Buyers are aggressive and short-sellers aren’t strong enough to thwart the campaigns of the buyers.

In fact, as a market breaks to new highs, many bears (short-sellers) actually become buyers when their stops are triggered.

That’s what’s happening today with the instant breakout impulse right now.

The Fib Grid won’t come into play until we do get a retracement but still keep these levels handy for your reference.

For more daily updates from Corey, visit his blog at Afraid to Trade.com.