Well there is some uncertainty after the bulls couldn't maintain momentum as sellers came in to close Monday's trading. The Long term upward trading channel dating back to February 5th is breaking down. There are some signs that we could begin a period of consolidation this week. Watch for support levels at 1188, 1183, 1175 and 1171 on the ES. I'll be watching to see if we begin trading in a range this week. I'll be looking for a potential ceiling between 1198 and 1200 and a base between 1170 and 1171. If we can break down below 1170, that could signal the beginnings of a correction in this market. Below you can see some video analysis of today's trading action.
One other noteworthy item I didn't mention in the video is that the Dow closed above 11000 for the first time since before the market crash in 1998
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