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
Wednesday, November 17, 2010
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