Markets got another boost in pre-market trading this morning when non-farm payrolls came in at 151,000, well above consensus estimates. Private payrolls also increased by 159,000, their biggest gain since April. Markets extended their gains above yesterday's highs. Dollar also spiked this morning on the employment news. It is pertinent to note that the dollar index retested previous support yesterday piercing its previous low from 11/25/09. If this support holds, we could see a potential short-term top in equities today. I will be feeling more confident in taking some short trades today especially if the ES trades up to 1128. There is some nice profit potential with any shorts off that level.
Levels to watch on the ES:
Resistance at 1222-1224, 1227-1228
Support at 1217-1218, 1211.50-1212.50, 1204-1206, 1197-1198
Friday, November 5, 2010
Subscribe to:
Posts (Atom)
