Tuesday, May 29, 2012

Market Bounce Still in Effect

US markets remain in bounce mode as there is still more room to the upside left to go. Buyers continue to step in underneath current price levels confirming support in the short-term. I continue to prefer buying the dips as I expect a move to at least 1350 on the ES. We'll need to watch price action at that point to determine if the bounce can extend higher or not.

Levels to watch today on the ES:
Resistance above at: 1330-1331, 1337-1338
Support below at: 1319-1320, 1313-1314

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