/ES Futures Analysis (Bullish Channel Breakout)

Futures are hot and it seems the extended bull flag / descending channel is breaking right now. Note the 50 SMA retests that held the trend previously (indicated by the circle). If this buying momentum continues, the market can reverse pretty strong with a fundamental shift out of bigger growth names. A notable laggard on the day was $AMZN which closed extremely bearish, as well as $FB. Over the 392 level on $SPY will be a nice bullish zone for tomorrow. Happy trading!