|5 min ES|
AS you can see from above S&P’s have been consolidating under 1260 and over 1250 the past few hours. we are at the apex of this wedge/pennant. WE could break up or down depending on which way the wind blows.. be ready for a move in either direction. Keep in mind Iran is scaring crude oil higher and the risk ONN ETF is seeing some bids. below 1255 we could see 1250 over 1255 we could see a test of 1260 into the afternoon trade.
The dollar is still holding firm over 78.60. Watch the 101 level in CL as it is support.