ESH10 – E-Mini S&P (Last:1105.25)

My bias remains bullish, although it is clear that the futures are not capable of making any upside headway whatsoever without the crucial boost provided by short-covering.  A thrust today touching 1113.00 would draw bears in once again, but DaBoyz left that drama for another day when they called it quits on Friday. They had already succeeded in creating a bullish impulse leg on the hourly chart the night before on thin volume, and this should set the stage for a further push today to at least 1107.50.  That’s a midpoint resistance, and if it’s brushed aside we could expect a finishing stroke to at least 1118.50.