11:21 am EDT: The key level we were watching was yesterday’s low of 1047.00 which was materially breached (low 1041.25). While this now gives us a short term bearish bias, it is with some skepticism as the leaders did not confirm the down move. Both the EuroYen and 30 Year T-Bond futures remain inside the prior day’s range, with the US Dollar Index largely flat. Accordingly, it could be that we were too stingy with the 1047.00 price level. If the ES accepts above 1050.00, it warns of a possible bear trap. On the other hand, if the ES continues to accept below 1050, it sets the stage for a down move to the 1016-1018 target area.
Disclaimer: The information presented on this site is for educational purposes only. No personal trade recommendations are being made hereby. Trading futures is highly risky and you can lose a substantial amount of money. Past performance is not necessarily indicative of future results.
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spainconsultant
on June 8 2010 at 13:26:27
Similar to yesterday with kind of 1051-1057 range………ups just went a litle more down when writing .
6 point range, nowhere, similar to yesterday, some outcome……….or just opposite according to leaders……
Not trading this european afternoon with USA market open, Im chicken up