Since my last post, the markets have seen a very nice rally to move to the highest levels since January 21st. The markets have solid strength and are showing the first signs at possibly retracing back to the highs seen in January.
Though the market is showing considerable strength, there are now some shorting opportunities. The S&P Futures this morning crossed the 76.4% retracement from the February 5th Low to the January highs as well as a Fibonacci extension level based on the start of last Thursday's Rally. Both those levels were in the 1122 to 1123 price range. There is still room for this market to move higher, but this is definitely a solid area to open a swing short position. The ES is also approaching the top of a Keltner Channel (at $1125) on the Daily chart.
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