ES appears to be twining up its navy blue megaphone top avoiding a decision on whether to break out of its orange rising megaphone or go for another new all-time high.
There’s a small megaphone up near the high that could use a retest of its VWAP at 2362, but something big, like a vote on the Obamacare replacement bill, could get things moving before ES reaches that target.
A breakout from the orange rising megaphone sets the green or purple scenario in motion. Decisive liftoff from the navy blue megaphone top sets the blue scenario in motion. The orange rising megaphone is steep, so the blue scenario could go a lot further than I’ve drawn it.