Markets rallied yesterday to close at their highest levels of the year and have continued slightly higher overnight. The 1368 resistance has held up so far on the ES. The current action reaffirms strength in the markets. Bears may have to remain patient a little longer.
We'll see if resistance holds today at the current highs.
Watch for Consumer Sentiment data at 9:55am EST followed by New Home Sales at 10:00am EST.
Other events of interest that could influence markets:
-St. Louis Fed President Bullard and San Francisco Fed President Williams discuss a report on "Housing, Monetary Policy and the Recovery" at 11:35 a.m. ET
-New York Fed President Dudley and Philadelphia Fed President Plosser speak as part of a panel on fiscal challenges around the world at 1:30 p.m. ET
I will consider shorting any new highs today, but will not hold any shorts over the weekend if strength continues. Have to prefer buying the dips for now.
Levels to watch today on the ES:
Resistance above at: 1368-1369, 1372-1373
Support below at: 1358-1359, 1353-1354, 1348.50-1349.50
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Hi Verde - The fact that we didn't make it to 1370 today leads me to believe that we go there next week. DOW and NAZ both have taken out their 2011 highs. SPX will be next. Then we shall see... Volume is sad these days...
ReplyDeleteHave a good weekend,
Vis
And wouldn't be surprised to see a gap up over it(1370) Sunday night...
ReplyDeleteVis
Wouldn't surprise me... No sign of downside action yet, though I continue to expect selling opportunities at any new highs... we'll see
ReplyDelete