Heavy news schedule today, 10am, 10:30am and 2pm are the key times for news. Also, Bernanke is peaking today which should add additional ‘headline risk’ for today’s session.
Support: 1659.50-1660.50
Mid point: 1664.75-1666.25
Resistance: 1672.00-1673.25
Notes: Bernanke speaks, Globex session has made a base and currently is breaking out of that. Expecting open auction in range type open. Gap expectation 3-5pts.
Here is the chart:
The globex high is still being made so we’ll see where that ends up, if the upside gap is larger than 5pts, shorts should be treated and managed as contra trend. After all the short term daily trend is still to the upside and quite a bit of momentum would be behind the market at that point with a lower probability of a gap fill.
Good luck out there today!
