Markets saw some positive momentum briefly overnight as the ES rallied to 1362 and then sold off in contradiction to positive news out of Europe as Germany reported better-than-expected German IFO sentiment data.
Lets see if bears can increase the pressure today and drive price any lower. I wouldn't be surprised to see continued choppy action and expect that any new lows will likely be met with buyers for now. At the same time I expect rallies to the upside to be rejected.
Charts remain bullish, but my bias is turning bearish.
Levels to watch today on the ES:
Resistance above at: 1361-1362, 1367-1368
Support below at: 1351-1353, 1347-1348, 1342.50-1343.50
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Verde - Looks like we are going to get the final push to 1370 and above as discussed yesterday... I would view it as a false break on anything much above 1370-1380 and start shorting small there... Once again, ADX on the daily says a turn down is coming soon... The markets go higher after this impending pullback...
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Lets see if resistance hold amidst the renewed strength. Market seems more like a wobbling top to me than a freight train, so I won't be afraid to sell strength...
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