E-mini S&P futures (basis Sept) has reached a major resistance range from 1115 to 1132 range. If it breaks this area the next major resistance level would be 1150 to 1163. If the market breaks out of this range, there is a strong possibility the market could test the 1210 to 1215 range.
Initial support can be found in the 1111 to the 1105 range. If the Sept contract breaks this level than the next support level is 1097 to 1090. In the short run we are beginning to receive signals of the market approaching overbought.
The market is reaching a pivotal moment as to whether the market should take the next leg up or could it test the 1090 to 1084 area. Could this be the high of the current trading range?
The E-mini and DJ and NASDAQ markets have reached major resistance areas as well. Within the next few days we should know if the market is moving higher or correcting.