The market moved right up to the 1117 resistance in the early morning hours and then sold off to 1110 after a poor jobs number showed that initial and continuing unemployment claims were greater than expected and not consistent with a recovering economy. Consumer Price Index was also slightly negative. However, the market is moving back up just ahead of the open.
We have a chance to approach 1140 on the ES in the coming days and I will be selling the market at that level. Next resistance points are: 1118, 1123-1125, 1137 and 1142. I will be watching market behavior at any of these resistance points and will be looking for short entries.
Now lets just see if we can retest the 1117.50 highs today and possibly 1123-1125...
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