As I said would happen in my previous post, markets rallied right into the Thanksgiving holiday. More buying pushed price even higher during Friday's shortened trading session on low volume. This morning it looks like Markets will open a little lower, having given up Friday's end-of-session gains.
I would be comfortable selling any rallies from here (ES currently trading at 1400).
Resistance above on the ES (Z December Contract) at: 1402-1403, 1406-1407, 1413-1418.
If the ES does continue higher and trades as high as 1418 without pulling back first, consider it a gift-wrapped short opportunity.
This market will pull back, and as cliche as it sounds, continued talks regarding the Fiscal Cliff should provide the catalyst.
Support below on the ES at: 1393-1394, 1387-1388, 1375-1377, 1365-1367.
The next best buying opportunity will be a move back down to the mid 1360s. From there look for the rally to continue into the end of the year. That's what I'm looking at for now, we'll see what the price action tells us from here...
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