Wave Chart 10:30 am

Here is the e-mini wave chart as of 10:30 am today. I am long a single unit from 825.50. I got long near the open figuring that if today was to be a bullish day the market would rally above the 830 level early in the day. This didn't happen. My plan B was that the market would hold support a the midpoint of yesterday's big reaction (purple dotted line) and at the 1/2 point of the day's range (green dotted line). So far the market has been holding these support levels.

The wave chart itself isn't telling me much. Up and down swings are both getting shorter and are moving through a trading range of 818-827. There is a positive aspect to this action. The mid point of this range is roughly 823 somewhat higher than the 820 support level. If you look at the chart this fact shows up as a tendency to spend time at the upper end of yesterday's trading range, an area that attracted strong selling yesterday. Today the sellers don't seem to have as much ammunition. This is a clue that the market will have to go higher, if only to find more sellers.