trend is up

Here is an hourly bar chart showing 24 hour e-mini trading since the March low at 1241.

The first leg up from that low carried the ES up 55 points. From the subsequent reaction low at 1279 a second 55 point rally carried the market to 1334 and to 1336.50 early this morning (second blue rectangle). There have been drops of 17 and 15 points on the way up from 1241. Another reaction of this size would end near 1320 (red rectangles). I expect that reaction low within a day or two. From there another 55 point rally would take the ES to 1375.