Markets have rallied off of yesterday's lows overnight. It was a tricky trading environment to close out the session yesterday. I liked support around the 1355 price point on the ES, but it wasn't easy to catch and hold that entry. The market failed on 3 attempted rallies before finally taking off to the upside just at the closing bell at 4:00 EST. This morning, more than 16 points later, the ES finally found some resistance just below $1370.
The bid is mostly a technical move following a short term over sold environment, though Alcoa did kick off earnings yesterday by beating estimates by .10c. The move follows Asian and European markets higher as well.
If this strength is to be anything more than just a bounce, The ES will need to trade above 1372 and stay there today. That being said, I will look to get long on any retest of the 1355 area today.
Levels to watch today on the ES:
Resistance above at: 1370-1372, 1378-1379,
Support below at: 1360-1361, 1354-1355, 1345-1346
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