Here is a 5 minute bar chart of the e-mini day sessions for the past two days. As you can see the market has stayed in the box (blue rectangle) defined by yesterday's late reaction. As it has done so volume has stayed low relative to yesterday and even lower relative to typical activity over the past 10 days. I interpret this action as a resting period prior to an attempt to break out above 780. The most bullish thing that can happen for the rest of today is .... nothing - followed by a close in the 760-65 range and then a higher open tomorrow.Any move below the 760 level on increasing and substantial volume would tell me that the bulls are not yet strong enough to carry the market and that the e-minis will first drop below 740.
I would be very surprised if the market closes green today and if it does it would set us up well for tomorrow but I'm not holding my breath. The sobering comments about the s&p range are very true and right now we are sitting at 757. To close closer to 765 the push here is going to have to be very strong and it just doesn't look like it is going to happen.... but u never know!
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