This Morning’s S&P500 Futures Chart (emini)
|5 min ES|
Finally we saw a new price (1297.50) and it was a higher one. it was pre market…go figure.. In my mind we still have no real UMPH up near highs but a high is a high in this market. From the chart above you can see the channel we are still screwing around with since Tuesday, 1285 support (yellow line) and 1293ish resistance (beige line). Below 1285 we could see some quick selling.. over 1293 could turn the beige line into support with sights set on a new day high and or 1300.
My feeling is we trade near 1285 and it eventually breaks, either this morning of afternoon IF we cant at least convert 1290 into support.
Crude looking bullish with support 102.50 .. this is on the back of euro dollar futures which are quite strong trading over 1.28.