The ES saw its lightest trading volume in the past month yesterday and aside from the gap up and brief push higher in the first hour, action was limited.
The markets have momentum to the upside following three straight positive trading days off the lows. However, there is significant resistance overhead. Without an increase in volume though, we could see a continued move up. I'm really not expecting much today, but we'll see if any breaking stories inspire an increase in trading activity.
My bias is neutral today. I will consider shorts into resistance and longs into support. The key indicator for me to gain confidence in the short side will be a spike in volume.
Levels to watch today on the ES:
Resistance above at: 1296-1297, 1300.50-1301.50, 1309-1310
Support Below at: 1288-1289, 1280-1282, 1274-1275
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