No major news this morning. Thursday saw very limited trading as volume was practically non-existent. Barring any unexpected news event that would catalyze more participation in the markets, I don't expect today to be any different.
Market continues to be overbought but could certainly float up further on light volume. I continue to view global unrest as the potential catalyst to put some volatility back in the market. When that happens, the likelihood for significant selling far outweighs the chance for the markets to trade considerably higher. Impossible to predict the exact timing so just have to trade what we see for now...
Levels to watch today on the ES:
Resistance above at: 1340, 1342
Support below at: 1334-1335, 1328-1329, 1322-1323, 1317-1318
Friday, February 18, 2011
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