The market saw an initial sell reaction overnight to news that Greece's recent debt swap drew participation from more than 80% of its private sector holders. This was more or less in-line with market expectations and the market quickly shrugged off the news as it was pretty much priced in following the best two back to back trading days in more than three months. This of course followed the worst sell-off in more than three months. It seems that buyers continue to be willing to step in and buy the dips.

US trade data showed a deficit of $52.6 billion for January, this is greater than the $48.4 billion that was expected.

Price jumped higher in pre-market trading after non-farm payrolls and non-farm private payrolls surprised to the upside. That buying was quickly rejected signalling a possible top for the day. Its really too early to tell. With a pivot high at 1367 ES (June Contract ESM12) and then a lower high at 1365.25 ES, the 1365 level will need to hold as resistance this morning to expect any continued selling today.

Levels to watch today on the ES (June Contract ESM12):
Resistance above at: 1365, 1367, 1373-1374
Support below at 1359-1361, 1353-1355