The market continues to push higher, but is certainly beginning to lose a little steam, as the average daily ranges of the markets have tumbled in the last two weeks. As a matter of fact, the S&P 500 futures had an ADR value of 32.75 two weeks ago, and is now trading an average of just 12.50 points per day, including extended hours trading.
Another day, another rally. The market continues to push higher at a relentless pace, as the S&P 500 futures have been positive 11 of the last 12 trading sessions en route to another potential test at the YTD high of 1685.75.
The current rally in the S&P has been nothing short of phenomenal. As a matter of fact, Wednesday’s trading all the way around was wild when you include all the various futures and commodities that were moving big points all day, from overnight to after hours trading, including the Euro, Gold, Crude Oil, and the major market indexes.
E-Mini S&P 500 In yesterday’s ES report I wrote, “Beyond 1642 forecasts another major test at the 1648.50 to 1650 zone of resistance, which has rejected every advance since June.” Well, once …
The ES has reached an overnight high of 1645 and is currently trading 1641.75. If price opens the session above yesterday’s RTH high of 1639.50, it bodes well for early strength and a likely test at overhead resistance between 1648.50 and 1650.
