ES currently trading 14 points above yesterday's close as the immediate trend is up. At the same time the ES is now testing the lower part of the key resistance range between 1290-1300
I expect at least a 40 point move off this price range when it turns down.
Earnings season is upon us and it will be important to see how companies report. If earnings are consistently strong and are beating estimates, markets will likely break through the above mentioned resistance and then attempt to remain above 1300. Something to keep an eye on.
Levels to watch today on the ES:
Resistance above at 1290-1291.50, 1294-1296.
I like shorts off both these levels.
Support below at 1282-1283, 1275-1276
Only day-trades or scalps until the current bullish action subsides.
We may have to wait until next week to see the more significant down move begin.
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