Wednesday, October 6, 2010
Bullish Market Approaching Resistance
Buying continued into the overnight session as the ES traded up to 1160. ADP Employment numbers came in worse than expected and the market sold off at 8:15 am EST. ES dropped 6.75 points but found support at 1154. Markets now seeing buying come back in after the open. I will consider shorts again at 1160 and 1165 on the ES. I will also consider a long entry here at 1157 (assuming we get a consecutive 10 min candle close above 1157) with anticipation of a retest of the overnight highs and potentially upwards to 1066.
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