Here we see the S&P 500 e-mini index (ES) and the substantial rally that has ensued once we could not sustain the move below the May/June lows. The resulting thrust is taking us well into the prior trading range, shaking out the bears. The rally is accompanied by strong NYSE TICK and confirmation by the themes that we've seen during the prior rally phase: strong stocks accompanied by weaker U.S. dollar, rising Treasury yields, and stronger commodity prices. Note how holding the overnight lows in recent days has set the springboard for further rally, giving us flat consolidations. I'll be watching to see if we can sustain that pattern today.
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