Bullish ESM5

BofA Merrill Lynch notes .....

• While we remain bullish ESM5, targeting 2109/2136 resistance, and have no interest in fighting the tape, we remain concerned about near-term seasonality and the VXV/VIX ratio. Both warn of the potential for a correction. 
  
  
• To be clear, both of these factors remain concerns. Trouble doesn't start until we see a break of 2074.00, while a break of 2052.25 invalidates the small head-and-shoulders base that is currently driving the market higher. Bears don't gain control until we break 2029