This morning markets in Europe and Asia are mixed while US futures getting a small bid. Continue to support view that markets will climb back up (above 1290 on ES) to retest the highs.
I'm favoring Wednesday or Thursday as a likely inflection point and beginning of a reversal to the downside. Will be looking for short entries as ES tests the 1295 high. A pierce of 1300 on the ES is possible and would mark a low risk opportunity to get short this market. Strong chance for at least a 50 point gain to the downside. The 1220s (ES) will be a price target to consider long entries. Expect bull-market to continue from there.
Today's bias: Long
Levels to watch today on ES:
Resistance above at 1285, 1288-1291, 1295
Support Below at: 1277-1278, 1273-1274, 1266-1268
Monday, January 24, 2011
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