Markets around the world are down in reaction to North Korea and South Korea exchanging artillery shell fire. Asian markets closed lower with The Hang Seng leading the way down at -2.7%. The ES fell 1.2% overnight and the US markets are set to open with a significant gap down as we are currently trading near yesterday's lows.
US dollar was bought up overnight as concern remains over European sovereign debt. Markets caught an unnatural bid yesterday on news of an Irish bailout and the Korean conflict was a good excuse to sell it back down.
I expect lower lows on the horizon.
Levels to watch today (ES):
Resistance above at: 1187-1188, 1191-1192, 1197-1198, 1202-1203
Support Below 1182-1183, 1178-1179, 1172-1173
Tuesday, November 23, 2010
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