Your MUST-READ Morning Stock Futures Cheat Sheet: Breakout

The exclusive Markets Morning Report is supplied by The Precision Report.

The Precise Take – Breakout

Big Picture Analysis: Yesterday, the low range trading continued, but overnight, Asia led the risk markets higher, which have not looked back.  In the 135 minute chart below, we can see an upper trend channel target has been reached.  Given the consolidation since the beginning of the year, this move should have legs, and the high volume area established around the 1275 node should provide support on any pullback.  A decisive move below or close below 1270 would warn of a bull trap.

Click above images for larger size.

To contact the reporter on this story: Bob English at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com