June E-Mini S&P:Futures rebounded on a 20 point surge from the 40-day uptrend line on Thursday to close strong on the day at 1347, up nearly 9 handles. The rebound has Bullish implications although trade has been stuck in consolidation for the last 5 days. That said, we have a Flat to Bullish bias which turns Bullish above 1358.

We'll place more weight on the buy side today, buying into dips against the 1342-1339 S1 Pivot Support zone. Stops below 1338 are suggested with profit objectives at 1348-1349 for scalps, then 1353 R1 to 1357-1358 R2 Resistance targets. The upside break of 1358 renews Bull forces triggering a spike to 1364 R3 with a moderate chance to challenge 2011 highs at 1373 R4.

On the downside, sellers can lightly scalp (small positions) against 1353 R1 and 1357-1358 R2 Resistance zones. Stops can be placed 1 handle above each respective zone while using the 1349-1348 area for initial profit taking, then 1342-1339 S2 Pivot Support. The downside break of 1339 (20-MA) sparks a retreat to the 40-day uptrend at 1332-1329 S2 Support. The Bearish turn is seen going off below 1329 triggering sweeps to lower S3 and S4 Support targets.

Daily Chart:

Click on image to enlarge!

For more from Jeremy, visit www.chartwhiz.com and register for a 1-month free trial to follow his daily and intra-day commentaries.