The Precise Take – ES maintaining as month comes to a close

Leaders Analysis:  Not much has changed since Friday’s quasi reversal.  If the ES can advance, it will be important to watch the EuroYen’s reaction at its 200 day moving average, which should now act as resistance.

Medium Term Analysis:    Today is month end, which is usually a range day (a notable exception was last month’s selloff, though equities were already in a downtrend).  The only news today is Chicago PMI at 9:42 am, which is not usually a big market mover unless there is an outlier headline number.  Tomorrow is ISM Manufacturing, but the big mover is Friday’s Employment Situation (non-farm payrolls).  The beginning of previous months marked the start of new uptrends and, as long as last week’s lows hold on a closing basis, we will look for new contract highs.

Trading Today:  The ES found support at the confluence of monthly R1 and combined session pivot from 1084.00 to 1085.00 (actual low 1084.50).  We will look for longs in this area or…

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