Good morning, everyone. Very little to report on what promises to be a quiet week, but it's always a good idea to get a grasp of the latest retracement levels vis a vis the ES. Here we go:
The support levels are much closer than the resistance levels; in fact, the only resistance level you see (at 910) is the only visible one here, as the next two are way up at 925 and 950; so those holding short positions (like me) might need to hang on tight if buying appears.
Friday of next week is the first trading day of 2009 (and, believe me, if the 30 minute rule ever applies, that'll be the day to observe it!) which should change the tone of this market, which has, let's face it, grown pretty monotonous lately.
