ES and NQ; follow the leader

ES and NQ are set to each tick a new rally high

ES and NQ are laggard and leader, respectively. ES (S&P 500 futures) wants to follow its leader in making a new 2023 high in the grinding rally that has so far not yet sent participants into the bullish frenzy I’d prefer to see (and I’d prefer to see it at a clear resistance/target level). Side note: I shorted XLI yesterday just to poke something from the bear side (chart looked suspect to me) and if the rally finally gets on a new leg well, you know…

ES and NQ, SPX futures

Meanwhile, here is NQ attempting to show the way above the previous 2023 high.

ES and NQ, Nasdaq futures

My bullishness on this still-intact rally is reducing as time goes on, but NFTRH 753 noted in its executive summary:

SPY and QQQ look buyable if the near-term bullish view is to continue.

Well, it’s been a grind but speaking personally I’ll grind along with it, picking up little profit nickels (while managing risk through heavy cash) in front of the steamroller known as the next bear leg until I see the whites of the bear’s eyes (and its big gaping maw).

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