10:00 am EDT:  First, our correction to the pre-open report.  In our zeal to pack in as much information as possible regarding NFP, POMO, FOMC and other associated acronyms, we neglected to properly update the sidebar news schedule on the first page and reported the low of yesterday as 990.00 when it was 989.75.

The only other scheduled news for today is Consumer Credit at 3:00 pm.  Monday, we have only the 3 and 6 Month Bill auctions at 11:00 am.  As they have been going very well lately, we don’t expect them to be market movers unless there is a surprise.

We warned earlier that:

these premarket spike highs often presage strong reversals if they are not subsequently exceeded early after the open, and the daily R1’s have proved to be reversal areas for the past two days in premarket action.

The R1′s were exceeded premarket, but the double top of the last two day’s in the 1,007 to 1,008 area have proved to be the stumbling block.  If the ES cannot exceed by 10:30 am, we would move stops up on any longs and resist taking new longs unless and until the resistance is cleared.  We now become bearish below 1,000 and would look for shorts below that area.