S&P

Here is a 15 minute chart of regular hours trading in the June S&P e-mini futures.

I was expecting a dip below 1300 towards support at 1297 but this didn't materialize. The market dropped as low as 1300.25 yesterday and as you can see has rallied strongly today.

What catches my attention in this chart is that the rally from yesterday's low has continued on relatively high volume compared to the volume on the uplegs from dd to ee and from ff to gg. Moreover, just a short while ago the entire rally from blue point d has exceeded the length of the rally from blue b to blue c. Since the entire reaction from the 1321.50 level, blue a-b-c-d, has a clear three phase structure I conclude that we have seen the reaction low at 1300.25.

Now the market should head up to 1328 and eventually to 1350 by late April or early June.