Even with strength in the markets to conclude last week's trading action, the upper 1360s resistance on the ES has continued to hold.
Markets under some pressure this morning. The negative sentiment is likely in response to G-20 finance ministers who refused to increase cash available to the International Monetary Fund without additional financial safeguards in Europe. European markets are down across the board this morning.
Levels to watch today on the ES:
Resistance above at: 1361-1362, 1364.50-1365.50, 1371-1372
Support below at: 1353-1354, 1348.50-1349.50, 1345-1346
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Verde - I still think cash SPX 1370 will be hit before any sustained move down...
ReplyDeleteVis
Ok, 1370 target has been eliminated - Now we'll see just how strong this market really is...
ReplyDeleteVis
i think the question is: are we seeing rotation or accumulation?
ReplyDeletei'm inclined to side with accumulation as we are seeing higher highs and higher lows, even though gains are slow and grinding.
i'd like to see a break of these HHs and HLs and then something bearish, like a weak re-test of the highs and/or high volume capitulation to convince me of serious bearishness.
as of now, i'm betting with this upward momentum.
rpc
This action is wearing the retail shorts out - Most indicators show overbought but that doesn't mean we will drop yet - We now also have an outside day on the daily that needs to be at least noticed as far as possible continued upside - Last week I was thinking distribution, but now it could go either way - - We need to close above todays high if we are to go much higher - My bias now would be continued sideways chop for another week or so...
ReplyDeleteVis