11:18 am EDT:  One of the benefits of keeping track of multiple forms of support and resistance is to be able to spot traps in advance.  A good setup will have an obvious support or resistance level (recent high/low, Fib, moving average) close to a hidden level (market profile point of control, longer time frame pivot, etc.) that is not as well-followed.  Once the ES broke the overnight high and traded two ticks higher to yesterday’s point of control at 1107.50, there was an immediate 2.5 point selloff on the 1 minute chart (below), which confirmed the bull trap. 

T-Bonds are flat, but the EuroYen is trading very close to its 200 day moving average.  The average is sloping upwards and the prior two visits to this line have supported price strongly.  A test will likely coincide with CPI tomorrow morning, and this is the leader to watch. 

In the ES, yesterday’s low and daily S1 of 1091.00 to 1091.50 is still strong support, but the 1:00 pm Housing Index cannot disappoint too much.