Very overbought on this 60 minute chart this morning but it's being supported by the 6 hour chart, which is pointing up strongly with a -10 and -2.5 MACD... and that suggests it will touch zero before dipping back down (on the -2.5 MACD)
Since today is Friday we might not see the rising trendline breakdown. I know the 60 minute MACD is very overbought and the 2 hour isn't far behind it. But with the 6 hour pushing up to support them they might grind this up to the 1900 area (give or take a few points) and not let the market rollover until after the close. That 1800 level that we got close to and started this rally from does support a multiday rally and not just a one day event. Today is day 2 of it and I think it will hold. The key will be to see the MACD dip down today to reset while the actual price level of the futures doesn't drop that much. If they can keep it to less then 10 points on the downside it should be clear that they wany higher prices. I think we'll see a short at the close today or Monday. The problem with the weekend of course is that they can reset the futures and make it bullish by the open Monday. So I'm cautious on any short held over the weekend. My gut tells me they will reset it over the weekend and go up more on Monday.