Yesterday's volume and price action suggest that a short-term bottom may have been put in. I prefer buying the dips now and do not expect yesterday's low of 1339.25 ES to be tested. Tentatively, I am looking for a move up to 1390 ES over the next week or so...
This morning, initial jobless claims came in slightly better than expected and continuing claims declined. This should only put additional support under the markets.
Any new negative developments out of Europe could negate my views, so that is of course something to keep an eye on...
Levels to watch today on the ES:
Resistance above at: 1365-1366, 1370-1371
Support Below at: 1356-1357, 1352-1353
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