The ES found support yesterday at 1296 and has rallied 20+ points since then. Much of the positive sentiment has come after European leaders agreed to tighter budget rules designed to try to help nations avoid unsustainable debt costs. I can't help but find humor in this given that Portugal's 5 year treasury yields have soared to Euro-era highs of 22% and Greece is currently in a stalemate with private creditors on a debt swap agreement.
In any case, short-term action appears bullish, though the market continues to meander about on low volume so I'm not overly excited about much.
Below are the levels I am watching today on the ES:
Resistance above at: 1318-1319, 1325.50-1326.50
Support below at: 1308-1309, 1302-1303
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