E-Mini--Monday, December 5, 2011
Price action still seems to be conforming to the impulsive pattern noted last week.
Friday's close held the 2.618 Fibonacci extension around 1242. Minor resistance is still around 1258. We probed higher than that level on Friday morning before the cash market opened, but failed to achieve an hourly close above it. This morning we are again bumping up against this level. Once price gets securely above it, the next major target for this pattern would be around 1279.