Following the largest down day of the year, US markets are looking relatively stable so far. Asian and European markets mostly down overnight. Concerns over the situation in Libya remain, but more importantly, there is fear that contention and uprising will spread throughout the Middle-East/North Africa (MENA) as risk remains in countries like Bahrain, Jordan, Yemen, Algeria, Iran, and Morocco. The biggest fear is that unrest would spread to Saudi Arabia, the largest oil exporter in the world.
Not expecting too big of a range today as the market may consolidate following yesterday's big sell-off. I will consider this market weak unless the ES confirms a move back above the 1327-1328 resistance. I am a buyer in the low 1300s and a seller in the 1320s (ES).
Existing Home Sale data to be released at 10:00am EST.
Levels to watch today on the ES:
Resistance above at: 1319-1320, 1323-1324, 1327-1328, 1333-1334
Support below at: 1308-1310, 1302-1303, 1293-1295
Wednesday, February 23, 2011
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