We saw lots of price movement yesterday but ultimately the action confirmed the idea that the market currently favors the upside. After threatening to move lower throughout the morning, the ES managed to rally back up by the afternoon.
The huge late day rally as well as much of the positive sentiment can be attributed to rumors and/or expectations of new easing measures by both the ECB and the Fed. This sets up huge expectations heading in the Fed's June meeting. In any case, I prefer buying dips for now as I expect a move up to 1350 or above on the ES.
Levels to watch today on the ES:
Resistance above at: 1325-1326, 1330-1331, 1334-1335
Support below at: 1311-1312
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