The ESZ1 rallied in the first couple of hours of the RTH
session when Germany and France pledged to stem the Eurozone debt crisis. We
then auctioned horizontally at the daily 50 ema, forming a well-defined volume
profile bell curve which was then broken to the downside. However, we found buyers around
the 117800 price level who blasted us to the upside through the previously broken bell curve, completely overcoming any selling pressure. The ESZ1 closed above its daily 50 ema which is very bullish. The 200 daily ema lies above at ~122080 which should be the next significant area of resistance.
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