Following the Bullish FOMC statement from Wednesday, the ES has seen a short-term top after rallying 20+ points following the Fed announcement. Thursday's selling began with a disappointing New Homes Sale number, but that was really just an excuse to sell an overexhuberant and overbought market. A disappointing GDP number on Friday didn't provide any additional reason to buy the market. As I stated in my previous post, we should expect some fake-outs to the downside before the market continues to rally in what is a bullish environment. I continue to like longs at the 1287-1288 level on the ES. We probably won't see that level today, but we may see it tomorrow.
Levels to watch today on the ES:
Resistance above at: 1307-1308, 1315-1316
Support Below at: 1295.50-1296.50, 1287-1288
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