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).