Friday January 18th, 2019 by Mike Paulenoff ES-- heading into the final two hours of trading for the week, and until next Tuesday morning, is there ANY technical reason for ES to take a breather, close into a bout of weakness, or open lower on Sunday eve's electronic pre-MLK holiday session? As a matter of fact, let's notice on my attached hourly chart of ES, if we connect all of the rally highs starting with the initial thrust off of the 12/25/18 low (see dark blue dotted line), we see a "rally peaks resistance line" that cuts across the price axis this afternoon right in the vicinity of today's high at 2676.50. In the algo-seeking headline catalyst trading environment in which we currently find ourselves, all it might take is another supposed scoop by one of the financial media outlets or wires to rip ES higher. That said, however, the technical set up indicates elevated risk here (especially in the absence of another positive headline about trade or the a resolution to the shutdown), and as long as ES is trading beneath the "Rising Peaks Line," a higher level of caution is advised. Last is 2668.00 off of a new recovery high at 2676.50Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com * Tiger's Take: "Wow, it has been a very good move upwards. Recently we have broken above 2,600 on the S&P and currently back ABOVE the 50-day moving average."Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.