Market sold off down to key support on Friday afternoon. Stocks are currently trading up ahead of Monday's open. Some positive news this morning showed that retail sales came in higher than expected for the month of October. However, surprisingly weak manufacturing data out of New York outweighed any positive sentiment and some selling came in right at the 1202-1203 resistance level (ES).
I have a bullish bias heading into this week. 1192-1193 remains key support on the ES. I continue to be a buyer in the low 1190s. As the week progresses I will be looking to buy the down-ticks.
Levels to watch today (ES):
support below at 1197-1198, 1192-1193, 1187-1188
resistance above at 1202-1203, 1207-1208, 1212-1213
One possible scenario that could materialize this morning is that we see some selling after the opening bell. A solid strategy to consider would be to wait for gap fill below 1195 and then look for buy entries. Like I said, I like buying the low 1190s...
Monday, November 15, 2010
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