S&P

Here is an updated 15 minute bar chart showing regular hours trading in the June S&P e-mini futures. I last commented on this chart here.

As you can see the market has broken visibly above the 1275 resistance level. This forces me to abandon my view that the market would drop to 1250 to complete a three phase reaction. Instead I now believe that we are headed up to 1295 to complete a three phase rally from the 1246 level. After 1295 is reached I think the S&P's will drop to 1235 or so.