The S&P 500 is down more than 3% since November 5th (as low as 3.8% yesterday) on uncertainty of Chinese policy and European debt. Today will likely be a day of choppy consolidation as the markets consider future outlook.
PPI numbers came out less than forecast and Housing Starts came in significantly worse than expectations, falling to their lowest level since May 2009.
Levels to watch on the ES today are:
Resistance above at: 1180-1181, 1185-1186, 1188-1189, 1193-1194
Support below at: 1173-1174, 1171, 1164-1165, 1160-1161
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Short ES 1180.50
ReplyDeleteLook to cover this trade for break-even now that we have gone up to make a new high
ReplyDeleteRevised target on this trade now at 1178.50
ReplyDeleteTo play it safe you could get out for break even at 1180
I meant break even at 1180.50
ReplyDeleteCover ES at 1178.50... Finally
ReplyDelete