Euro continues to slide on debt concerns in Europe. The dollar has been climbing in response. This morning the ES is testing the lower part of the 1171-1200 range. This lower part of the zone happens to coincide with the 50 day moving average (1171.50 ES) and should act as strong enough support to hold price above 1170 today. However, this is the fourth time down in 10 trading days. Odds are high that it will break lower this time around, most likely overnight or tomorrow. I continue to expect a move down to at least the low 1160s on the ES.
Levels to watch today on the ES:
Support below at: 1171-1172, 1165-1166
Resistance above at: 1181-1182, 1187-1188
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Short ES 1183
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