Market was almost unchanged on Wednesday June 1, 2016. Dow Jones Industrial Averages gained +2.47 or +0.01% and S&P 500 added +2.37 or +0.11%. Going by just the end-of-day figure it would seem that it was a lackluster day. But if you dig deeper then you would see a different picture.

The picture at the morning of Wednesday looked a bit gloomy. Asian bourses were mostly down and were forming bearish chart patterns. Europe was down too. So it was not surprising that Wall Street also started to the downside. At 9:30 AM, S&P 500 futures were 9.25 in the red. But then they made a near-Hammer bullish reversal candlestick pattern and for rest of the day market rose and made higher highs and higher lows. So taking stock from that perspective, S&P 500 gained almost 12 points during the day.

Here is 6-minute chart of S&P 500 futures at 7:30 PM. Futures broke the support of Tuesday lows just before the NYSE session open. From then on futures rose to reach the overnight high. A break above 2099.25 will open the pathway to challenge the resistance created by the April high. S&P 500 had reached a high 2111.05. Since the June futures are few points ahead, the corresponding resistance for S&P 500 futures’ June contract would around 2113.00.

On daily timeframe, past few days’ S&P 500 price action show a pause of indecision. Still, S&P 500 is showing bullish intent, whereas, Dow Jones Industrial Averages is showing little of weakness. NASDAQ Composite and Russell 2000 are showing more strength.