Over night trading saw a move up to test into the 1279 area, if price continues to move above the 1277 previous high and the buyers move in with volume we could see 1290 as our next move to the upside. 1285.00 will be an area to look for with a move through the 1279.50 level of resistance. Yesterday’s move up came on lighter volume as the contracts traded fell to just a little better than 1.6M for the day.
Treasury budget to at 2pm, so the market could be a little slow today in anticipation of the release, markets are expecting another $-80B in deficits this time around. Today could see price come back to test the 1274.50 area before deciding on direction if the volume is slow from the open. Upside area to watch will include 1277, 1279.50, 1285, and looking for 1289 as an extreme high on the next move. should we break to the downside watch for 1274.50, 1269, 1264.50 and 1258 as area’s of support. See you at the starting line!