The market remains concerned about the implications of continued political uncertainty in Greece. Yesterday's afternoon gains have been completely erased as markets are down across the globe this morning.
Gold is also under pressure, currently trading underneath $1600 for the first time since last year. Gold could easily threaten its December lows around 1539 if the political shifts in Europe continue to move in the direction of anti-bailout philosophy.
I prefer selling rallies right now as I expect ES is on its way to 1330
Levels to watch today on the ES:
Resistance above at: 1350-1352, 1357-1358, 1361-1362
Support Below at: 1342-1343, 1336-1337
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Today's capitulation-like move to a slightly lower low (on high volume) followed by a dramatic reversal could mark the beginning of a significant rally. For this reversal to confirm, we'll need to see follow-through buying into tomorrow. I suspect that we may see a move back up to test 1400 in the next several days... I am turning my bias to buying the dips now.
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