Momentum precedes price. As the Futures were testing the highs, the $TICK was indicating a loss of upward momentum in the equity market. This move lately has been near 1100 ET - sometimes after and sometimes before 1100 ET.
On the 1 minute chart, I have been noticing that when the market is in a trend mode, it typically will not go past a SMA line of the (Highest High of the last 30 Bars + Lowest Low of the last 30 Bars) divided by 2. In other words, the mid-point of the last 30 minutes.
Charles
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