ES Bull Flag Breakout -> Fresh All Time High E-mini S&P 500 FuturesCME_MINI_DL:ES1!FOREXcomAt this point S&P 500 futures have technically set a fresh all-time-high and Nasdaq 100 futures are just a bit below their prior high water mark. Despite the directional clarity these can be difficult moves to work with, given how far away price is from any nearby supports or anchor points, complicating matters from a risk management perspective. So, traders essentially have two options: either chase or wait. Neither is perfect and both have downsides. Chasing means either wider stops or basing stop placement on something other than prior price structure. And, of course, there's no assurance that the chase will lead into a directional continuation move. The patience route brings downside of possible missed opportunity cost and, again, there's no assurances that the pullback will volley up to another fresh high. Between the two options the chasing pathway brings the risk of actual capital while patience is opportunity cost. But perhaps the bigger item is psychological, as chasing a move because of the excitement of the breakout brings on the higher possibility of regret. This isn't to say that waiting and not getting an open door on a pullback is without the potential for regret, but, in that case it's one of opportunity cost as opposed to lost capital. Nonetheless, many newer trades often want to be the hare and not the tortoise. In S&P 500 futures the index has rallied into a fresh all-time-high and traders are faced with this choice right now - either chase or wait. For those choosing the path of patience and prudence there are three clear spots for higher-low support potential given the post-Fed rally that sparked last week. The first and most ideal spot for bulls to defend would be 7800, which is confluent with the prior swing highs of 7798. Below that, another prior swing high shows at 7766.50, and below that, the Fibonacci level and prior price swing forms a zone from 7717 up to 7725. - JS