Demand Shock

Here is a thirty minute bar chart of the past two weeks of e-mini day sessions. I think we are seeing a demand shock hitting the market. Notice that the first 30 minutes trading volume for today was higher than the first 30 minutes volume for any other session on this chart. Notice too that the market went straight up during today's first thirty minutes trading and in the process broke above the high points of the past two days.

If this is indeed a demand shock then the market will not retrace any substantial part of today's early rally so today's low should be in place. I see midpoint resistance above the market at roughly the 707 level so I think the e-minis will stall there for awhile and react. Right now I am guessing that today's daytime range will be about 25 points which would put today's high near 713.