ES Overnight Futures Ramp Job

ES Overnight Futures Ramp Job

ES futures are up big time and if SPY opened right now it would open at 108.8! I remain skeptical. Either yesterday's end of the day tankjob was a bear trap, or this overnight ramp job is a bull trap. ES has to break and hold above 1089. I will be buying puts on SPY when ES hits 1089. Furthermore ES is backtesting the downtrend line A. If ES fails the backtest with trendline A, then I expect ES to drop back to 1060. If ES climbs and holds above 1089 then I will go long. It's possible that an inverse H&S setup is forming.

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