Wednesday, July 21, 2010
Bernanke Speaks, Market Tanks
Not Interested in Buying Yet, Market looks like it is going to break below 1075 now... Will post if I take a trade... I will look to sell a retest of 1075 after we break below it...
We Got Gap Fill
We filled the gap and kept going, meaning the 1080 support from yesterday's settlement did not hold. We have found some support just below, but there has not been enough buying here to bring the market back above 1080. This is weakness. I am not taking any positions at the moment as the market is flat. I still like long entries in the 1070 to 1075 range. Not looking to get long until then unless the ES confirms a move back above 1080; I will consider buying a pullback at that point.
Market Continues Move Up in After Hours Session
The World Markets gained overnight as did the US Futures markets. The ES is trading above the 1085 resistance which could become support this morning. Markets did retrace back a little bit (down to 1076.50), but have rebounded to make new highs. I'm still looking for 1075, but now it looks like we may have to wait a couple days for that to happen as it is very unlikely we see much selling today (though the morning action will have to confirm this by holding support at 1080). There is plenty of resistance overhead and there is no clear level before 1098, so the markets could easily continue moving up. We are getting ready to open the equities markets with a gap up. Lets see if it is a gap and push higher or if we are going to fill that gap. Gap fill on ES would be 1079 to 1080.50, so that is another level to watch this morning. Tricky area to play, but I'll be expecting a choppy market with a long side bias.
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