12-28-11

TF signaled upside movement on the weekly profile at the close of the day the last candle of the day on the weekly profile made the close higher then the high of the prior candle and started the next wave up as predicted by the bullish breakout and confirmed uptrend from earlier in the week.  Expect some upside movement in the overnight market and possible more in the opening.  The monthly profile failed to make a bullish breakout and has now reverted back to the zonetrader pivot 737.50 and has thus become balanced on the month as was suggested yesterday to look for sells to that first target if the monthly failed to make a bullish breakout.
We now have to focus on the weekly profile as it is starting the next leg to the upside and currently generating a trigger for entry.  Stay on the buy side of the market until the weekly gets a candle close lower then the low of the prior candle.  This next wave up will have to take out the current high of this week and attempt to extend the trend key resistance are 742.70, 747.90, 756.50, and 760.10.  If TF finds resistance at any of these prices and then makes a candle body close below the low of the prior candle start looking for sells until this occurs stay on the buy side of the market.  Again we are in a position now on the Yearly, and Quarterly profiles that allows some fluctuation in both directions on an intraday basis so we may see a spike in volatility tomorrow.