Here is a 5 minute bar chart giving us a detailed look at the trading in the March S&P 500 e-mini futures today.
I am expecting the market to hold here and begin a big rally. This morning we saw what I think was a selling climax althought the market did not hold its climax low as well as I would have liked.
Nonetheless, we can see that trading during the past hour has given us some supporting bullish evidence. You can see that for the first time today higher volume is starting to appear on up bars. This tells us that the bulls are starting to be aggressive buyers at current levels because there are not enough offers hitting their bids at lower levels.
I think this is the first concrete evidence that an upward turn is imminent.
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