Markets down in Europe and Asia this morning and U.S. market gapping down almost 10 points.
Jobless claims came in better than expected, but market failed to see much of a bid after the news. Will be important to see if buying can come back into the market today. I like selling the up-ticks today in anticipation of trading down to at least 1305-1306. I will be looking to buy the market in the lower 1300s and expect the 1299-1301 support to hold if the ES trades down there. Remember, be careful when buying a market that is selling off. Wait for support to confirm before trying to guess a bottom.
Levels to watch today on the ES:
Resistance above at: 1313-1314, 1320-1322
Support below at: 1310, 1305-1306, 1299-1301, 1295-1296
Thursday, February 10, 2011
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