After seeing some buying lift up the futures market yesterday evening, Fitch came out this morning and warned that the U.K. Debt concern is "formidable". Futures have since sold off. the $1058 - $1060 resistance I mentioned in yesterday's video worked out nicely as the ES reversed off a high of 1061 following news of the U.K. Debt concern.
We are currently seeing some buying come back into the market after new lows have already touched $1045.50 on the ES. I would not be looking for long opportunities right now, it is just too dangerous in this weak market that is now facing more bad news coming out of Europe. I again am looking to get short. Currently the VWAP on the ES is at $1052.50. Thinking about a short here, but I feel the markets have potential for slightly higher short term highs, perhaps back to $1054 to $1055 on the ES. I still expect to test the $1036 to $1040 range in the coming hours...
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