Daily Speculative Levels

13 January 2011

S&P 500 (Mar’11 ES) Intraday: Bias Remains Up

Primary Sceanrio:  LONG positions above 1276

Alternate Scenario:  Failure at 1276 will signal a slide to close downside gap at 1270.  1262 is next level support.

Commentary:  The market managed to gap up off the open on Wednesday (Jan12) and never quite filled the gap below at 1270.  Upside resistance is non-existent in teh near range if markets probes to test old lows.  Trading range from 58 – 74 broken (to upside).

 
 
 
 

 


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