Here is an hourly bar chart showing 24 hour trading in the e-minis. I think the market is in the process of breaking out from its 1155-1182 trading range to the upside. There were three tops in the 1180-82 zone and the first peek above that zone yesterday attracted sellers who pushed the market back down to 1167.I think the market is headed back up today and within a day or two should reach the 1200 level (green oval). That level is at the top of the trend channel I have drawn. Note also that the move up from 1155 on Tuesday to 1186 yesterday was 31 points (first blue rectangle). A 31 point rally from yesterday's low at 1167 would carry the ES to 1198 (second blue rectangle).
Once the 1198-1200 target zone is reached I think a reaction back down to the support at those three tops (green dash line) will become likely. But once the reaction is complete the market should embark on its breakout move to over the April top at 1216.
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