1188 Holds Up in the Overnight Session on the ES

All three companies that reported earnings this morning beat expectations and the markets are currently trading upwards. Lets see what happens after the equities markets open at 9:30. I expect positive momentum, but I will watch to see if we can break below 1188 to add strength to the bear's cause. If we do break down below 1188, watch out for tricky trading in the 1184 to 1188 range. Market close will give a better indication of where we stand. If we close below 1190.75 on the ES, it will mark the first time since February 23 that we closed below the prior day's low. We'll need a close below 1183 however, to confirm negative sentiment. On the upside watch the 1194 to 1195 range to see if the weakening trend line dating back to February 5th will offer any resistance.