Hey Traders,
Today’s dailys ended in a big shooting star after a gap up, with pro-gap (unfilled gap down) being a serious hint at near term move exhaustion.
Near term will be watching theses support level with 3 week trendline being back in play again:
On the upside minor resistnace expected at 50% retracement from highs, highs, then nothing much for another 20 points to key bear market fib and trendline. Will surely update on blog and twitter @esecfutures shall we get close.
On the downside, highlighted levels are expected to act as support:
retracement of most recent run up, , backtest of channel, 200ema hourly and s/r level and then major s/r level in mid 950s. It is clear that bears have a lot to do to get anything substantial going to the downside.
GDP numbers will be released in the morning which should be main market movers. Poor earnings releases after the close seem to be a non-factor at least judging by futures reaction at 10pm EST now.
Tomorrow is also last day of the month, so who knows what kind of magic that will add, not that we haven’t seen it all in past 3 weeks anyway.
May stops be with us tomorrow
Cheers
Vlad