Here is an hourly bar chart of day session, e-mini trading in the March 2010 contract. As you can see the market has traded sideways for a month in a very narrow range with many gaps. The gaps show that most of the up and down movement within this range reflects trading in Europe and Asia while U.S. markets were closed. No one in the U.S. seems to see any need to adjust their portfolios, no doubt a reflection of the desire to lock in decent 2009 results after a horrible 2008.
The narrow range and low volume, dull activity makes this market hard to read. Even so, I have found that I rarely get repeated chances to sell near the high price of an important top. This makes me think that we are more likely to see a significant upside breakout from this range than a significant downside breakout. There is a small bit of evidence that the market wants to move higher during the next few days. On the chart you can see that yesterday's and today's day session activity has developed above the green dash line. When the market was above this line previously sellers took immediate advantage of the opportunity, but they haven't jumped the market this time, at least not yet.
I remain convinced that the e-minis will reach the 1140 level during the next few weeks.