In Europe, pretty much all markets are trading down this morning even after generally solid PMI Services readings. Moody's joined the bandwagon and downgraded Portugal's debt. Japanese markets are down more than 1% with TEPCO shares leading the way down -18% after announcing they would dump radioactive water into the sea.
US markets gapping down this morning. For weakness to continue we will need to see a confirmed move below 1320 on the ES.
A note on the anemic volume levels we have seen over the past two weeks: The last time volume was this low during a non-holiday period was just before the market crash in September of 2008. Certainly something to think about...
ISM Non-Mfg Index data due out this morning at 10:00 EST.
FOMC Minutes at 2:00pm EST
Levels to watch on the ES today:
Resistance above at: 1328-1329, 1333-1334
Support below at: 1320-1321, 1316-1317, 1309-1311
Subscribe to:
Post Comments (Atom)
Nice down-tick off 1328-1329 resistance level after March ISM Services weaker than estimates at 57.3 vs 59.5.
ReplyDelete