The Precise Take – Equities attempting to maintain against weak Euro

Big Picture Analysis:  Yesterday, the ES filled the gap from the prior day, Friday.  As gaps are intended to leave one side trapped, in this case the shorts, it is short term bearish that it was filled so quickly.  There may be one more push down before attempting to take equities higher, and the 1081-83 confluence support area is shaping up to be a good target over the next day.  A push over 1100 suggests the rally has resumed with 1119.25 as the next target.  The dark cloud is the weak Euro which, as we said yesterday, could start making major headlines at any time.

Trading Today:  The upper end of the projected range contains day-session-only R1, the overnight high and the combined session pivot, from 1096.00 to 1097.25.  The lower end contains day-session-only S1 and the overnight low, from 1086.25 to 1087.50.  There are a few minor news items today, including a speech by the POTUS at 2:10 pm.

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