Going up

Here is a five minute bar chart of the e-mini day session. The market bounced (green arrow) off of midpoint support (purple dotted lines) at 845-46 right at the open and returned to the trading range it established yesterday afternoon (green rectangle). This is a clear rejection of prices below 850. The logical consequence of this rejection should be a move up above the green rectangle to see if sellers can be attracted. Since I have a bullish bias (up to 900 and then to 940 over the next month or two) I just put down a bet that the market is going to rally from here.

If I am right we won't see the e-minis trade below 849 for the rest of the session. I am now estimating that today's day session range will be 843-866 (blue rectangle).