The major stock indexes have soared sharply higher since November 25, 2011 when the S&P 500 Index e-mini futures (ES Z1) traded as low as 1147.50 per contract. The S&P 500 cash index has rallied higher by nearly 100.0 points in just over a week closing at $1257.08 yesterday afternoon. Markets do not trade higher in straight lines and will need to pullback or consolidate at some point. This morning, the S&P 500 e-mini futures are trading higher by 1.50 points to 1256.50 per contract. This market is starting to look a little tired, however, we shall see if the winning streak is going to continue.
