E-Mini Bulls Regain Control, but 7,900 Is Where the Real Test Begins

The E-mini daily chart signaled a bull reversal bar, closing near its high, and the writer says that pushed odds toward a second leg up. After rallying into September 23, bears attempted to drive the reversal lower, but instead bulls produced another reversal bar. The market is now testing back toward the September 22 breakout point, with the current expectation favoring a move above the September 21 high. The next upside target is a test of the all-time high and the 7,900 round-number level, with a possible push toward 8,000. On the 5-minute chart, the open gapped up, but the bar-1 structure suggested sellers may appear above, making the first intraday direction less reliable.