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Tuesday, March 05, 2013

Range Breakout on Dow Life-Time High

At the time of writing this post on Tuesday shortly after 10:45 am EST, the Dow 30 has made a new life-time high of 14285.52.

As shown on the 60 min (market hours only) charts below of the YM, ES, NQ & TF, they have broken above their 2013 ranges; however, the TF has yet to make a new high for the year, unlike the other three...we'll whether it manages to do so by the end of the day.

What was range resistance is now range support. A drop below that level could send these four E-mini Futures Indices tumbling.

The TF has managed, however, to break back into the uptrending channel, as shown on the first 60 min (market hours only) chart below. The bottom of this channel is near-term support.

As well, the TF has broken above the Bull/Bear trap, as shown on the second 4 hr (Globex) chart. The top of this level is near-term support at 916.00

If the TF manages to make a higher high, there is a good chance that it will continue upwards to, potentially, reach its 200% external Fibonacci level at 970.00. I would, however, prefer to see decent volumes confirm such a scenario, inasmuch as I'm mindful of what I wrote in my last Weekly Market Update..."A further rally at this time is no small task, as markets are, essentially, defensive, range-bound, and overbought...we'll need to see a sustained increase in volumes to support, convincingly, such a rally for any meaningful period of time."