Mar S&P Emini (ESH0) Matches 1-1/2 Year High At 1148

With today's high at 1148.00 the March S&P Emini (ESH0) matched the 1-1/2 year high posted in mid-January and erased the sharp 1-month downmove posted earlier this year.

Solid resistance has been established at this level as the market tried to penetrate 1148 multiple times in Jan with no success. Look for the market to sky rocket through this price in the next few sessions. A settlement above this level would make the intermediate term trend solidly bullish.

But as always, at any significant support or resistance level, watch the market closely and place stops accordingly.