The ES market made a small platform of support between 1352 and 1359. The bounce off of the 1352 level was a little stronger than I had anticipated.
Looking at the 60 Minute chart of the S&P 500 Index shows that the market is bucking up against a resistance level between 1380 and 1360. We will have to wait to see if the market has enough bull momentum to trade up into this area.
Here is a 30 Minute chart of the ES and $TICK Pivot ((H+L+C)/3) with a 13 Period and 33 Period Averages of the Pivot. Most of the time, the $TICK will precede the futures in bull versus bear sentiment. May be a good way to decide if new highs and lows should be faded or not.
Import and Export Prices Report at 0830 ET.
Consumer Sentiment at 1000 ET.
UPDATE
Disappointing report by GE sends market tumbling.
For the ES Futures, 1351 - 1352 may now act as resistance.
Charles
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