The ES is trading below the previous day's low for the second consecutive morning ahead of the open. Yesterday marked the second 1% loss for the S&P 500 this year as negative sentiment continues to stem from both anti-QE sentiment from the Fed and from renewed sovereign debt concerns in Europe.
Overall bullish up-trend channel remains intact on the S&P 500. A close below 1397 on the S&P 500 cash index or below 1380 on the ES will threaten that overall bullish sentiment.
Levels to watch today on the ES:
Resistance above at: 1390-1391, 1396-1397, 1399-1400
Support below at: 1384-1385, 1379-1381
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