Late Update

Here is a 30 minute bar chart of e-mini trading during the past two weeks. You can see that the market this week made six distinct swings through the 800-40 range. Today was constructive not simply because the market rallied back to unchanged for the day, but also because the rally started right from the open. This is only the third time this month that the market has been able to perform bullishly from the open.

There are no supply or demand shocks visible to me on this chart. Today's rally occurred on only modest volume. I think there is a good chance that next week will see a lot of bullish action, and if so the market should open Monday unchanged to higher and continue upward from there.