S&P Update

Here is a 15 minute bar chart of the June S&P e-mini futures. I discussed this chart in a post about an hour ago.

Instead of a quick break to 1225 the market held 1232 support a fifth time and then, more importantly, rallied above the last reaction high which stood at 1238.50. This is the most bullish price action in almost a week and I think it means that the 1229 electronic low this morning will hold and that the market is on its way to 1282.