Futures Market moves up on lower volume, this is a critical point for the S&P500 emini futures market as buyers are looking for the commitment to push to new highs.
Futures market is seeing a weak commitment on the move up in the S&P500 emini futures. Watching a point of control on this move up at 1357.25. This is a previous level of resistance and where we have the left hand mid term shoulder in a Head and shoulders pattern on the 1440 min chart. If the market can close above this level with a retrace to 1351 tomorrow then I would be looking for a test to previous swing highs to 1374.25. Watch for price failure at these levels. Could see a large swing from this point. If price consolidates over the next two days of earning between 1350 to 1365 with decreasing volume, we might not see the short squeeze that kicked off the third leg of this move up in a bullish flag. If it does move up, there is resistance at 1378-82 1400 and then 1420. On the support side we are watching 1325 which is the 50MA then a break through to 1320 and then 1300 which is where we can see support at the 200MA. Price normally has been breaking through the 200MA has been half of the Max daily range for support at 1285-89. Future Market - Let's take a look at the day trading in July 2011 on the S&P500 emini futures. 
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