Slow Week Ahead

I don't expect too much excitement in the markets this week. US markets will be closed this coming Friday in observance of the Christmas holiday.

This morning markets are gapping up a little bit. The S&P 500, the Dow and the Russell 2000 futures are all trading at new highs. Asian stocks traded lower over night and Euro stocks are currently showing strength. No major news in the markets until Wednesday.

Levels to watch today on the ES:
resistance above at: 1244.50, 1246 and 1248
support below at: 1240, 1234 and 1230

I like shorts anywhere above 1244. 1246-1248 looks even better to enter short, if the ES trades that high. I like buying the market between 1230 and 1234 on the ES.