Technical Outlook:

Dec E-Mini S&P: Futures powered higher for a second consecutive session on Thursday closing just shy of the 2010 high at 1225. Prices settled at 1223 with gains of 18 handles on the day. Pre-market action has sold off in the wake of the unemployment report but held 1217-1214 X Support generating a Flat to Lower bias and expected consolidation day between 1214 and 1225.

Heading into the primary session open, scalpers can buy against 1217-1214 X Support with Stops below 1213 suggested while looking for a retracement back to 1223-1225 X Resistance where they can cover and reverse short back to X Support. Trade above 1225 is needed to shift tides back to the Bull camp for new 2010 highs against 1231 XX to 1235 XXX Resistance targets.

On the downside, trade taking out 1217-1214 X Support indicates the Bears will maintain control and drive prices down to 1208-1206 XX Support to 1202-1200 XXX Support targets. A punch through 1200 calls for a flush to the 1195-1193 XXXX extension target range.

Daily S&P Chart:

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Weekly S&P Chart:

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