Wednesday, May 26, 2010

Key Levels to Watch this Morning on the ES

Nice price reversal yesterday after the big gap down has the markets temporarily bullish. We are approaching 1188.75 on the ES and whether or not price can close above this level will validate or eliminate the bulls cause.

The market overall is still bearish but we could see further short term movement to the upside.

Additional resistance levels of note are at 1094, 1098 and 1120
Support levels at 1070.50 and 1051.50

FYI, I have no swing plays in this volatile market as I have been exclusively short term day trading of late.

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