Last week the ES reached its full daily target at 1172. This was produced from the daily inverted head and shoulder pattern that triggered long earlier in the month (see chart). The lagging YM came within a few ticks of its target zone beginning at 10,900.
At this point, we may be in for some consolidation until the end of the month. If the ES does reach 1176.75 on Monday and the YM can reach 10,895 then we may get another push higher into the 11,000 area. If, on the other hand we get down to 1156.25 and 10,752 on Monday then we should test the 13s trend line support.
The bigger setup will come next month as we will be at the end of another month and quarter. The monthly market structure lows are in place. If these trigger long then we may get to test the 1200 and 11,000 areas in the ES and YM.
To Your Trading Success,