After feigning weakness with three straight days of declines last week, buyers stepped in at the end of the week. The ES rallied 14 points off the low on Friday. That rally continued last night and got an added boost when Ben Bernanke mentioned (in comments this morning) that the Fed must consider more accommodation to aid the recovery. The ES quickly rallied an additional 5 points. Gold, which has struggled a bit lately, surged more than 1.2% immediately following the comments.
Levels to watch today on the ES:
Resistance above at: 1403.75-1404.75, 1408-1409
Support below at: 1399-1400, 1396.50-1397.50
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