Market action remains bearish overall, but the ES showed signs that it may be bottoming in the short-term. The ES made another new low yesterday as it broke through the 1600 level on high volume. The sub-1600 price action was short-lived as buyers quickly stepped in and pushed price back in the opposite direction. I am neutral in the immediate-term with a slight bias to the upside. This means I will consider buying dips as we close the week. A move down to 1605-1607 will be an attractive price-point to consider long entries. That could lead to a 25-35 point trade to the upside, at which point I will be looking to sell the market again.
I exited my short position.
Levels to watch on the ES (M June 2013 Contract):
1632-1633, 1642-1643, 1650-1651
1605-1607, 1601-1602, 1595-1596, 1585-1586
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