S&P 500 futures traded sideways overnight before thrusting up this morning. This move up is consistent with the hypothesis put forward last night that SPX is due for a choppy consolidation in wave [IV]. Futures pushed just past the first resistance zone of interest at 4349.50 before a slip back midday. I think it probably a good idea to let the momentum chasing crowd attempt a new high on the day but by no means a guarantee. If over 4354.25 in S&P 500 futures, allow for a try at 4368.75.
Here is the 240-minute chart of S&P 500 futures for perspective.
Here is an 8-minute chart of S&P 500 futures from my intraday workspace. The idea of one more high is under pressure as I type.
Addendum:
Note: III around the day session morning low should be ‘B’ on the following chart.