March E-Mini S&P: Futures traded choppy on Wednesday as bargain hunters grabbed positions below the 1300 mark while Bears defended their stance resulting in a slightly better close on the day. Prices gained 5 handles to close at 1306. A surge of buying in the overnight session has trade firmly higher and set to Gap up into the primary session. However, the key 1320-1322 Resistance area stands in the way of the Bulls, therefore I am going with a Flat to Bearish bias for today. If we trade north of 1322, the Bulls will be in clear control.

Off the primary session open, we are looking at a short trade against 1320-1322 X Resistance with Stops above 1323 suggested. If this develops, targets are at 1315-1313 X Support to fill in the Gap, then 1309-1306 XX Support. Trade below 1306 targets 1301-1300 XXX Support while a punch through 1300 clears the way for a flush to 1292-1290 XXXX extension range.

On the upside, a pullback that fills and holds the Gap against 1315-1313 X Support leaves the potential for upside follow through offering a buying opportunity with Stops placed below 1312. Still, only trade above 1322 reinforces the opening Bull strength setting off a run to 1329 XX and 1335-1336 XXX Resistance targets. The extension target is placed at the 2011 highs at 1340-1343 XXXX.

Daily Chart:

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