Gravity looks like it may still have some pull on the markets. There is likely further downside left to go. A close today above 1339 would counter that view and be a bullish sign. If ES does trade below 1310, I will consider long entries...
Levels to watch today on the ES:
Resistance above at: 1331-1332, 1336-1337
Support below at: 1320-1321, 1314-1315, 1308-1309
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Hello Verde - How's it going? Haven't seen you trading much lately... Market is in a very precarious spot right here... No clear signals... If we don't start heading up Monday, the short side is looking more and more like the way to go... Market may be trying to test the FEDS resolve concerning a QE3... We'll see... Trade defensively at this juncture...
ReplyDeleteVis
I'm still bullish overall Vis, even with the current weakness. That being said, in the short term there is definitely potential to move lower. Today's action isn't particularly strong and I will consider exiting my current long position if the ES closes the day below 1334. If I do exit that position, I will be looking to buy again at a better price.
ReplyDeleteJust a matter of time before QE3 in my opinion, and regardless, Fed continues to promote weak dollar and keep interest rates low, so I see higher highs in the market looking forward. Today's weakness had a lot to do with the Fitch downgrade on Greece. Thanks for the downgrade Fitch, I didn't already know that Greece is a disaster not to mention the European Union as a whole. Greece will not be able to pay back its debt. Hmmm, reminds me of the United States...