1 hour ZB

The intra-day pattern in the ES seems to have flipped from a fade of overnight gains into the first hour of trading to a fade of the overnight and morning ramp into the close of regular session. It does not seem to matter which pattern is bullish or bearish, the case remains prices continue to rise.

1468 is the high for 2012, despite the headlines about impending doom, somehow we are within spitting distance of highs. Oil though, seems to be very politically motivated lately.

1 hour ES

 Also worth noting is the price action in fixed income the past few days as the 150' level in the 30 year held as resistance and continues to break down today as the ES remains positive, though only slightly.

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