[Soultrader]

On Friday, Sept. 1st, we had a significant breakout from a key resistance level at 11420. This was the August 18th high and a 3.5 month resistance level on the daily chart.

While Fridays action confirmed an official breakout, we will need to watch these levels carefully to see price acceptance.

Todays value area: 11438 - 11488

If prices can maintain acceptance within or above value, we are likely to have further confirmation of the breakout. However, if prices close below value this can be a leading warning signal for breakout failure.

Note: Look to see market strength or weakness in the morning session. If price can remain above value low, there is a possibility of a burst in the afternoon. We are in uncharted territory and can see alot of new market participants entering the markets.