Markets running to highs – SP500 futures trading

The S&P500 emini futures Chart is showing an extension to 1607.

Using the swing low from 1030 to 1391 and extending from the swing low at 1243, the 100% extension for a Fibonacci extension would be 1597 to 1607 range.

We are looking at the weekly chart on the S&P500 emini futures and we can see how the price action fits into the extension profile as the second move up from 1243 peaked around 1465 and then retrace to the 50 Moving Average.

A weekly candlestick range for buyers can range to 70 points like the one on January 4th.

Watch for this to keep direction in to the weekend.

The only news that could be in the way is N. Korea, Europe (especially Holland), and  of course the Japanese bond market.

Quantitative easing keeps the direction.  Remember, trend is your friend…(Until May)