Market showed no real direction yesterday with a failed attempt to break higher after retesting the 1098 highs.
Initial Claims reported this morning came in higher than estimates and the ES immediately sold off and pierced below yesterday's low falling almost 12 points from 1095, but have found temporary support down in the 1083s. Will be interesting to see if that level holds. If it does not, look for the ES to break down to 1075-1076 and potentially lower. My bias is to the short side, but we will need to take out this morning's low to give me confirmation.
I will be looking to sell the up-ticks and begin in the 1087-1089 range. If we see sustained buying above 1090-1092, my short side bias will be negated...
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