US Markets gapping up this morning without any significant news. Chinese markets higher today despite yesterdays rate hike by the People's Bank of China. European markets also higher today.
Since the FOMC minutes yesterday, it seems there are a growing number of Fed members that are acknowledging that inflation is something to be concerned about and more members are leaning against a continuation of easy monetary policy.
I continue to sell resistance and buy support while not looking to defend any position. Until we break out of this low volume, narrow trading range consolidation, I continue to be cautious and neutral overall. The next break-out with high volume in either direction will influence my bias in that direction...
Levels to watch today on the ES:
Resistance above at: 1336-1338, 1345-1346
Support below at: 1331.50-1332.50, 1325-1326, 1321-1322
Wednesday, April 6, 2011
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