E-mini market poised to retest all time highs

Equities have continued higher following the Federal Open Market Committee meeting as investors pretty much got what they wanted. With an interest rate hike already priced in next June, investors received an uncertain statement as to the continued improvement of the economy.

With that said this provides investors with the continued feel that the Fed back stop is not going anywhere. The S&P (CME:ESM14) traded to a high of 1950.25 yesterday before closing at 1948.50 and 1951.25 today as momentum is bullish. Traders will watch the 1947.25-1948.50 level today on a closing basis and must see a close above here to maintain this immediate term bullish momentum.

Investors look to Weekly Jobless Claims and Philly Fed today as better than expected data should do just the trick. Major support will now come in at the 1938-1940.50 level and only a close below here will signal a failure in the short term, encouraging a consolidation back towards the 1917-1919 level.

Resistance- 1954*, 1965.50**, 1998.25****

Pivot – 1947.25-1948.50

Support –1938-1940.50***, 1929.75-1931**, 1924*, 1917-1919***, 1911.50**, 1904-1906**, 1898.50-1900*, 1891**

Ed Note: Each trading day traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.

About the Author
Rich Ilczyszyn

Rich Ilczyszyn is Founder and Chief Market Strategist of iiTRADER.com. Rich excels at creating dynamic trading strategies for clients that establish solid positions, while remaining flexible enough to capitalize on market opportunities when they arise. By identifying market trends, breakouts, and failures in a timely fashion, Rich presents clients with the opportunity to realize their objectives while effectively managing their risk.

Rich is featured expert/trader and contributor on CNBC's "Futures Now" Show, and has been quoted in multiple of top-tier publications, including: The Wall Street Journal, Associated Press, Bloomberg News and Reuters.

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