Tomorrow's Range

Here is a five minute bar chart of today's e-mini trading. The market has marched past the upper limit of my range estimate(blue rectangle) for today of 780-805 and I regard this as a very bullish development - it shows that sellers were not able to muster enough ammunition to keep the market within the 760-800 range where I thought it would stay for a few days.

I think tomorrow's daytime range (green rectangle) will be 25-30 points, about the same as today's. I think the low will be somewhere near the midpoint of today's range which at the moment stands near 796. The midpoint of today's afternoon reaction is at 797 which gives me added confidence in this guess.

So far on the way up from Friday's low reactions have run about 10 points - there have been three of them. My guess is that the next reaction will be bigger, maybe 15-20 points, but at the moment this is just a guess.

My "impossible" 840 target is within sight and I think the market will get there in the next week or two.