Futures down slightly this morning, but ES has held mid-90s support thus far. European markets also modestly down. Market reaction to news this morning has been muted though jobless claims and non-farm payrolls came in slightly better than expected.
I will be looking to see minor weakness continue this morning with a move back down to 1295 and then 1290 on the ES. I like long entries from there today (intra-day). Of course price action rules here and I won't defend any long positions if price moves lower. I like short entries if the ES trades back up towards the highs. Though I am swing short the market, I will continue to trade intra-day according to short-term price action.
Levels to watch today on the ES:
Resistance above at: 1300-1301, 1305-1306, 1310
Support below at: 1295-1296, 1288-1290, 1283-1284, 1278-1279
Thursday, February 3, 2011
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