The E-mini S&P 500 Futures came within one tick of equaling the February highs this morning. A strong bid entered the market after the close yesterday on the heels of very strong Apple earnings ($6.40 versus $5.37 consensus estimates).
The ES is currently pulling back nicely after testing the February high. Part of the weakness comes after Initial Jobless Claims were reported at 403,000, 13K more than expected.
Markets bullish but the double-top resistance looms overhead. I will be looking for a potential pull-back past the 38.2% retracement level which is just under 1320. Today may end up being a light trading consolidation day ahead of tomorrow's holiday. If that is the case, we may have to wait till next week to see any significant pull-back.
Levels to watch today on the ES:
Resistance above at: 1337.50-1338.50, 1340.50-1341.50
Support below at: 1328-1329, 1323-1324, 1319-1320
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