ES built on that weekly pivot support to make a new all time high this morning. Was that bullish? No, as there is nothing inherently bullish about a high retest. Every double top setup requires one and they aren't bullish. The thing I was watching was what TF was doing with the weekly pivot .........ES Dec 60min chart:
TF held the weekly pivot all night as resistance and there is still a very nice looking H&S fully formed there to add to the double top setup here on ES that has improved considerably in quality overnight. In the hour after the open I shorted 1335 twice on TF (just under the weekly pivot at 1335.8) and it rejected over five handles both times with twenty minutes, so that is still solid resistance. TF Dec 60min chart:
As an aside this setup is a good illustration of a problem trading correlations that I've talked about before. I've been expecting ES to drop on the basis of the TF short setup, but I didn't short ES, I shorted TF. That's because I know from experience that correlations shift all the time. If you're so confident that USD is going up that you are thinking of shorting gold, don't do it, cut out the middleman and go long USD. There's less chance of your trade being lost in correlation translation.