Tuesday, March 8, 2011

Will Market See Further Selling Today?

Futures sold off after making a bid overnight following action in Europe as the STOXX, DAX and FTSE are all in negative territory after beginning their sessions with gains. Price of oil and unrest in Middle East/North Africa continue to keep worldwide markets uncertain. News of protests in Kuwait, the 5th largest oil producer in the world, is something to take note of.

US markets set to open neutral.

I continue to expect a market decline, but previous lows need to be taken out first. It begins with breaking 1300 on the ES. If the low from the 24th of February is tested (1292.50 on the ES), I don't expect it to hold. But for now I am weary of the potential for choppy markets.

Levels to watch today on the ES:
Resistance above at: 1314-1315, 1318-1320, 1326-1327
Support Below at: 1301-1302, 1296-1298, 1294-1295, 1290

If ES breaks 1290, the next target will be 1274-1277
Posted by Verde at 9:28 AM
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13 comments:

  1. VerdeMarch 8, 2011 at 10:22 AM

    Short ES at 1318

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  2. VerdeMarch 8, 2011 at 10:22 AM

    Hard Stop at 1319. Not taking any chances in this bullish behavior

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  3. AnonymousMarch 8, 2011 at 10:38 AM

    Morning Verde - I see ES 1315 area as support today(until broken)...

    Vis

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  4. VerdeMarch 8, 2011 at 10:41 AM

    True. I am being cautious today, feels like a shakeout day, very unpredictable...

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  5. AnonymousMarch 8, 2011 at 10:44 AM

    Yes, very hard market to call right now and probably will be all month...

    Vis

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  6. AnonymousMarch 8, 2011 at 10:51 AM

    Choppy markets can be very profitable if you can just make yourself believe that way, but hard to do because human nature makes traders look for trends...

    Vis

    ReplyDelete
  7. AnonymousMarch 8, 2011 at 11:36 AM

    Did you stop out of your short?

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  8. VerdeMarch 8, 2011 at 12:04 PM

    Yes, had a hard stop in at 1319

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  9. VerdeMarch 8, 2011 at 12:12 PM

    Just watching as this day plays out. Don't like shorts at this point, and don't like longs here at the highs. Will consider buying if ES dips down to 1320. Will consider shorting if ES trades higher. Only be looking for 1 or 2 points on shorts unless weakness comes in...

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  10. AnonymousMarch 8, 2011 at 1:05 PM

    Long 4 cons 1322.75...

    Vis

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  11. AnonymousMarch 8, 2011 at 1:37 PM

    Sold 4 cons 1323.75...

    Vis

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  12. AnonymousMarch 8, 2011 at 2:12 PM

    SPX 1325 acting as resistance once again today...

    Vis

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  13. VerdeMarch 8, 2011 at 2:16 PM

    Selling coming in as crude gets a bid. Support approaching on ES. I like a long 1317.50-1318.50

    ReplyDelete

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