The market has moved down as predicted in my previous couple of posts. Since breaking below 1200 overnight, the ES is up over 1% this morning including a 5 point rally following a better than expected jobless claims number. Although new jobless claims declined, I am not expecting a continued rally from here. Not quite yet anyway. I expect some consolidation now with resistance above at 1220-1221 and support below at 1203-1205. If we make a slightly higher high this morning, look for more resistance above that at 1225-1227.
I will be looking for one more lower low under 1200 ES. At that point I will be looking for positions to the long side.
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