1. Tuesday's Close 1877.75
1.1. S&P futures close today at the high. Therefore, the likelihood of continuation of the rally into Wednesday’s session is our primary focus.
1.2. Adjusting the price levels in the June contract to match the Cash Indexes is important. Today’s high in the June contract is the equivalent of the March contract at 1885. In other words, today’s high is equal to a retracement to the record high.
1.3. The previous two sessions have displayed below average range development. Today’s day session range was less than 10 points.
2. Support
2.1. 1868 - 1869
2.1.1. Minor Support
2.1.1.1. The weakest current support level. 1868 is only likely to play a support role as long as the bullish sentiment persists. In other words, if the rally were to stall at today’s high and sell-off, 1868 would not likely with stand increased selling pressure.
2.2. 1858 - 1860
2.2.1. Minor Support
2.2.1.1. The upper edge of the middle demand cluster
2.3. 1848 - 1850
2.3.1. Minor Support
2.3.1.1. Thursday's High (27-MAR-2014)
2.3.1.2. Friday's Close (28-MAR-2014)
2.4. 1832
2.4.1. Major Support
2.4.1.1. Friday's Low (21-MAR-2014)
2.4.1.2. Prior Major Support
2.5. How To Buy Support
3. Resistance
3.1. How To Sell Resistance
3.2. 1912
3.2.1. Extreme Price Excursion Range Extension Estimate
3.3. 1895 - -1901
3.3.1. Maximum Likelihood Range Extension Estimate
3.4. 1885 - 1887
3.4.1. Major Resistance
3.4.1.1. Fractal Record High
3.4.1.2. Sell the retracement at major resistance 1885-1887.
3.4.1.2.1. The initial re-test of the high is typical the best short opportunity.
3.4.1.2.2. The initial re-test has the greatest likelihood of a pull-back: 5 plus points profit potential.
3.5. 1878
3.5.1. Minor Resistance
3.5.1.1. Tuesday's High ( 01-APR-2014 )