The decision point, 200 EMA the weighted moving average.  We are in a consolidated pattern here for 9 days.

Learn to trade S&P 500 emini

The technical signal that was used for a change in direction and confirmation was the 200 Moving Average.

This was an institutional traders key to seeing directional change in the long term.  When the price was below the MA it was considered a ceiling and when above a floor.

Since the introduction of some technical trading to fundamental trading platforms and the wide acceptance of the 200 MA as a “Standard” the institutional traders have moved to the 200 EMA as a new standard for the Point of Control.

Presently, we have had nine days at these levels.  Looking for the Large push to break through this consolidation.  Today is expirations day so volume will be lower as traders are changing their contracts.  Normally the futures contracts for the forward month (September) would show at a premium but these are reflecting a 4 point discount.