Boxed In

Here is a 30 minute bar chart of the past 10 days of e-mini day sessions. The market has broken past the high of this morning's range estimate of 830-850. The question now is whether or not this changes my outlook for a basically downward trend during today's day session.

The market has been trading sideways for most of the month and its fluctuations appear to be narrowing. This is normal behavior and shows that the e-minis are preparing for a breakout, one which I think will be to the upside.

There are two midpoint support levels at roughly the 846 level (dotted green lines). There are two midpoint resistance levels at roughly the 856 level (dotted red lines). For the moment today's activity has been contained between them (purple rectangle). I think the next move will be downward out of this purple rectangle to the 830 level. But if I see increasing volume on an upside breakout from this rectangle I shall try to get on board for a move to 900.