Despite Furious ES Ramp, Things Could Still Get Ugly Quick

After Sunday night futures opened, we have seen nothing but a fairly furious ramp ever since. Be that as it may, from a technical perspective, there are still signs of trouble (also see my recent post on the VIX).

The volume was, as it often is on up days, weak. And from a structural view, we may be seeing a series of bear flag formations developing. Until we begin hitting local higher highs on stronger volume, this remains a very risky environment in which to go long (other than perhaps intraday trades).