The market used this morning's news as the catalyst to make the new highs that it couldn't quite make yesterday afternoon. Initial unemployment claims came in better than consensus estimates which helped catalyze the effort. A smaller than expected trade deficit did not hurt either. We are just trading into resistance now on the ES September contract at 1112.
Note today is rollover day, so there will be some spread trading between the September and December contracts. I will begin to reference the December contract following this post. Updating my charts now to the December contracts and will provide my key levels for the day in a moment.
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Its always funny when better than expected jobless claims numbers can be attributed to the fact that nine states did not report their numbers because of the the labor day holiday this week. So take those numbers with a grain of sea salt...
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