10:57 am EDT:  The ES respected the day-session-only pivot to the tick (1023.25), below which we would have (and still would) become intraday bearish.  It has now encountered resistance at our first potential reversal area of 1030.00 to 1031.00, which includes the day-session-only R2, combined session R1 and last week’s high.  Just above is weekly R1 at 1033.00.  We will also not look for new longs unless and until 1033.00 is taken out–even then, cautiously, as another pivot confluence with contract highs comes in at 1036.25 to 1038.75.  We would only fade short strength on a spike reversal off the 1pm or 2pm news items. 

30 Year T-Bond futures and the 30 Year yield are at support and resistance, respectively, and the USD is at trendline support.  Given that it looks like the last week’s rally is off USD weakness, the potential for reversal downward in equities around these levels is still high.  For swing trading short, we first want to see confirmation by the ES trading below 1023.25.