The S&P 500 Futures Market has had a 3 day run-up that reclaims all of the lost ground over the last couple of weeks. Yesterdays high of 1292.75 in the S&P 500 futures puts us in striking distance of the magical 1300 resistance level. Its also no coincidence the dow sliced through 11000 a key psychological price level of this index. This recent price activity will likely draw alot of attention to the bulls and result in more buying, but they may be too late. We are in buy, just not right now. A retrace is likely to happen as profit takers make their move at the expense of the buyers that show up late to the party. Our trade will come after a new support level is established and the late party goers are hung over by a "normal" market correction. The S&P 500 futures chart shows us at the top of the price channel of an extreme.  Our trades never start from extremes because the likeliehood or a stop loss being hit is too high versus the reward. Patience is almost always rewarded in these situations.