Wednesday, April 26, 2006
Here is a 15 minute bar chart showing regular hours trading in the June S&P e-mini futures.
I commented on this chart yesterday afternoon.
Yesterday the market closed back above the shakeout level of 1308.25 and I interpreted this to mean that a rally to 1330 has started. Early activity this morning confirms this view. Volume has increased sharply as the market has rallied away from 1308.25. This together with the fact that volume dried up right after the break belows 1308.25 shows that the bull forces are in control of this market. I conclude that we should see the 1330 level in a few days.