It turns out that my original outlook on the markets was accurate, that we would break above the 1102 (ES) resistance on the next test. But is this buying real? We saw a slow grind upwards all day long today in the markets. We haven't seen this type of price action in a while. The question is, will the slow grind up on low volume continue or will the current 1110 to 1113 Resistance on the ES hold up?
Based on price action, my near term expectation is that the positive sentiment will continue. Though I will wait to see how the market opens tomorrow before solidifying that opinion. New support is at 1103. We have resistance above at 1117, 1122, 1137 and 1142. I will definitely be looking for short entries between 1121-1123 on the ES. I will also be looking at the overnight session for a potential short around 1113...
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