Are We About To Break Out On The Emini?
In May the Emini found support at the most traded price over 36 Months (36M QTAP) as can be seen on the Trading Activity Speedo above. This is just below the 6M Value Area Low (QSDL 70%) and this area provides strong support. The market has currently made new highs nestled between Quantlogic’s Monthly resistance with highs of last month serving as support. The current Bell curve has been highly traded over the last 12 months. This provides a good base for a breakout. An alternative scenario would be a move back to the centre of the Bell curve further building the base on the Eastern side. As the most traded areas (QTAPS) get closer together, the prospects of major break out increase as the market achieves consensus and will want to look for a new level.