Housing Data Better Than Expected. Market Showing Minor Strength

Market may have some strength left following yesterday's reversal off the lower 1290s on the ES. Up and down action has been the norm of late. That will change when the largest number of market participants is least expecting it, so be careful not to get over confident in a position in expectation that the market will reverse. Continue to play the chop, but just make sure you don't let a position run against you without an exit strategy.

Could see continued strength this morning, but overall I view the market as weak. I anticipate lower lows on the horizon.

Levels to watch today on the ES:
Resistance above at 1304-1305, 1310-1312
Support below at 1297-1298, 1293-1294