We've been consolidating near the top of the multiweek range in the ES futures, after having registered a bull high yesterday. Note, however, that we did not see fresh bull highs yesterday in the Russell 2000, NASDAQ 100, or S&P 400 Midcap stocks. We also failed to make bull highs in the financial, consumer discretionary, energy, and consumer staples sectors of the S&P 500 Index. While gold remains on a tear, we are far from recent highs in crude oil and below bull highs in the broad commodity market (DBC). Neither did we register fresh bull highs yesterday in the euro or Aussie dollar vs. USD. I am watching all of those markets closely on strength in the ES to see if they are leading a new leg higher or continuing to lag and keep us range bound.
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