The Emini S&P futures (basis June) since 2/5/10 has been up 8 of the last 11 weeks.
The Emin DJ futures (basis June) has been up 9 of the past 10 weeks. And has been up each of the last 8 weeks.
The Emini Nasdaq futures (basis June) has been up 11 of the past 11 weeks.
The question everyone is asking: how long can these indices grind higher without a correction? Granted the economic news continues to show improvement and corporate earnings continue to beat estimates. But longer term indicators are showing the market overbought.
We are not looking for a crash, but just a healthy correction before the next up leg of this market.
For the Emini S&P futures (basis June), we stated on 3/8/10 the market had strong resistance in the 1220 area. Currently there is resistance at the 1218 to 1224 range and possibly up to the 1240 area.
There is initial support in the 1206 to 1191 area. If the market breaks below this range the next support level is 1169 to 1150 range. Keep in mind the 1150 range, was initially a strong resistance level for the market to break and may now be a strong support level.