Support has held so far but there has been very little enthusiasm on the buy side. Asian and European markets are down this morning. Italian and Spanish bond yields are surging with 10-yr yields climbing to 5.57% and 5.92% respectively, adding to negative sentiment.
Levels to watch today on the ES:
Resistance above at: 1381-1382, 1387-1388, 1391-1392
Support below at: 1373-1374, 1370-1371, 1363-1364
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I'll wait to see where the ES closes today, but the further weakness leads me to believe we should see continued downside to 1357-1358 and possibly down to the low 1340s over the coming days or into next week. I like longs from there and will expect a rebound back up to test the 1390s resistance. We'll see how the market responds from there.
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