Yesterday’s 150-point range in eMini S&P, which saw equidistant price moves above and below unchanged with a closed on the sessions high, is begrudgingly grinding higher. As can be seen on the attached screen we are nearing a measuring objective and zone of minus development which should cause the market to pause or reverse.

For the remainder of the days session place an order to sell into the minus development and measuring objective above at 5608. If the trade is elected place a protective buy stop above at 5611. If the trade starts to work look to cover half the position at 5440 and let the remainder of the position ride.

-Steve Hawkins