Monday, May 10, 2010

ES Futures Premarket Review 05/10/10

The futures market is currently testing the 10-period EMA on the daily chart, and Thursday high at 1168.75. The overnight market is happy with Europe's bailout plan for Greece. The market is almost 50 handles above Friday's close. After the open, it will probably be a tug-of-war between covering shorts, traders trying to close the opening gap, traders looking at this opportunity to liquidate some equities and buyers who are still bullish on the market with improving economic data. Potential support prices are 1135.50 (Friday's high), 1121.50 (overnight low) and 1107.50 (Friday's close).

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