In Europe, pretty much all markets are trading down this morning even after generally solid PMI Services readings. Moody's joined the bandwagon and downgraded Portugal's debt. Japanese markets are down more than 1% with TEPCO shares leading the way down -18% after announcing they would dump radioactive water into the sea.
US markets gapping down this morning. For weakness to continue we will need to see a confirmed move below 1320 on the ES.
A note on the anemic volume levels we have seen over the past two weeks: The last time volume was this low during a non-holiday period was just before the market crash in September of 2008. Certainly something to think about...
ISM Non-Mfg Index data due out this morning at 10:00 EST.
FOMC Minutes at 2:00pm EST
Levels to watch on the ES today:
Resistance above at: 1328-1329, 1333-1334
Support below at: 1320-1321, 1316-1317, 1309-1311
Tuesday, April 5, 2011
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