The technicians out there will be salivating over the action in the ES today, which has continued to drip all day, and is now a point away from the 20 DMA at 1,311.30. In this relentless meltup, this moving average has been breached just several times since Jackson Hole. Yet the one to keep an eye out for is the 50 DMA, which has been a key support over the past 6 months. Should that level be taken out (1,282), the next level is 1,234, after which there is no support for a long, long time. Yet the most, or least for the cynics, surprising observation is that today's ES volume is about to hit the highest of the year, taking out the last January surge... which also was on major downswing. At least the banks made some money on equity commission trading, although with the Treasury curve flattening rapidly, that may not be much of a consolation.