Markets saw some positive momentum briefly overnight as the ES rallied to 1362 and then sold off in contradiction to positive news out of Europe as Germany reported better-than-expected German IFO sentiment data.
Lets see if bears can increase the pressure today and drive price any lower. I wouldn't be surprised to see continued choppy action and expect that any new lows will likely be met with buyers for now. At the same time I expect rallies to the upside to be rejected.
Charts remain bullish, but my bias is turning bearish.
Levels to watch today on the ES:
Resistance above at: 1361-1362, 1367-1368
Support below at: 1351-1353, 1347-1348, 1342.50-1343.50
Thursday, February 23, 2012
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