Bulls have maintained momentum above the key 1290s resistance zone (ES) on what continues to be low volume in 2012. I expect higher highs going forward, but I will continue to sell rallies with confidence. The only difference is that I will not be looking for sustained moves lower, at least for now. It is likely that the ES could chop its way back up toward the 2011 highs (1356.50). In the process there will be plenty of opportunity to be both long and short in this market, but the next best swing-short opportunity may not come until March.
Levels to watch today on the ES:
Resistance above at: 1309-1310, 1314-1315
Support below at: 1299-1300, 1295-1296
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