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Incomplete Correction in eMini S&P


Both my pattern and momentum work argue that the rally in the emini S&P 500 off of Tuesday's low at 1343.00 into today's high at 1360 represents an "intervening recovery bounce" that will roll over into another downleg within an incomplete larger correction off of the 1377 highs on Feb 29 and Mar 1.

Today is rollover day in the emini futures, and the 4-hour chart we're analyzing is based on the continuation contract in the e-mini, which now is June in the front month.

In addition to what the chart shows, I have my suspicions about the sustainability of strength ahead of tomorrow's Employment Data -- as the next potential catalyst on the upside.

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