Framing the Day

Here is the e-mini wave chart showing yesterday's and today's day session activity. The market is becoming more balanced. You can see this in the development of one and possibly two successively shorter downwaves, and in the fact that the up wave which ended during the first half hour was longer than the preceding one. Today's early high was at the midpoint of yesterday's early afternoon rally abut this is only minor resistance. Any strength at this juncture would probably carry the market up to the higher of the two dotted lines. This represents resistance at the midpoint of Friday's late rally.

I still think today's range will be comparable in size to yesterday's (blue rectangle). If so the high of the day should develop in the 760-65 range and the market should also break below yesterday's low.