Two charts to look at for today. First is the 60 minute SP 500 Emini chart. This chart shows the 1127.50 resistance area that the market has been trading up to.

Yesterday formed an Inside day (traded within the previous days range) and a NR7 (narrowest range in the last 7 days). These are both conditions that can precede a larger move. We want to be watching for signs up range expansion if this occurs.
The second chart shows a coil that has been forming the alst couple of trading days up against the 1127.50 resistance area. Just above is a 1.27 extension pattern, where the yellow circle is.
In order for the price to have a good breakout to the upside you will want to see long bars up through the 1127 - 1128 area and all the indexes following.
If there would be an attempt higher then a failure the market could then see sellling and we would then be looking for it to trade below the coil.
Have a great trading day!
Leslie
www.tradingliveonline.com

SP 500 Emini at 1127.50 resistance areaSP 500 Emini CoilSP 500 Emini Coil

7000 tick chart coil

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