Day traders are ready to break new highs on most major indexes.
The S&P500 emini futures is moving up once it breaks this support on the 24 hour after hours chart. Watch as day traders test up and price finds its support into the Friday closing. With seemingly no commitment to take it higher, expecting volume to decrease through out the day with a rally from three oclock. A small range, probably with in 10 points at this top unless day traders really step in on the bid. Considering the malaise in Europe, I wouldn't expect Friday to be where the Market makers are establishing their position.
Day Traders have given this support at yesterdays close and are showing some strength at theses price levels. First support for this move is 1355.50 to 1356.75, we will probably spend most of the day cycling through here. If this area is not supported, we could see day traders move this to 1353 then our next area of support will be the 1348 area. Since breaking this resistance, Day traders are looking to keep this above Thursday's close. The first area of resistance which was tested in the over night was 1360.50 with some price failure at 1361.25. If the buyers rally through that level then we are looking for an extension to 1365, and an extreme high of 1368. As I have mentioned, the buyers are almost at exhaustion and we are seeing shorter range bars with decreasing real price.
Day traders also look as their weak volume pushes to these levels could be fo [...]
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The S&P500 emini futures is moving up once it breaks this support on the 24 hour after hours chart. Watch as day traders test up and price finds its support into the Friday closing. With seemingly no commitment to take it higher, expecting volume to decrease through out the day with a rally from three oclock. A small range, probably with in 10 points at this top unless day traders really step in on the bid. Considering the malaise in Europe, I wouldn't expect Friday to be where the Market makers are establishing their position. Day Traders have given this support at yesterdays close and are showing some strength at theses price levels. First support for this move is 1355.50 to 1356.75, we will probably spend most of the day cycling through here. If this area is not supported, we could see day traders move this to 1353 then our next area of support will be the 1348 area. Since breaking this resistance, Day traders are looking to keep this above Thursday's close. The first area of resistance which was tested in the over night was 1360.50 with some price failure at 1361.25. If the buyers rally through that level then we are looking for an extension to 1365, and an extreme high of 1368. As I have mentioned, the buyers are almost at exhaustion and we are seeing shorter range bars with decreasing real price. 
