ES1!: Bears be warned.

Over the longer-term, I am a bear as I tried to highlight in the Preponderance of Evidence chart fest. However, in the immediate time horizon, bears be warned as the ES1! nears ABCD completion at 2590 and we are starting the see the initial signs of a positive MACD divergence. We would need a a higher close to confirm the MACD divergence (new low is defined as a close flanked by at least 2 higher closes). Do remember, any up-move should be viewed in the context of a counter-trend rally as there is a bigger negative MACD divergence in the weekly charts.