Mid Day S&P500 Futures Update
Another day another Euro low .. the low today broke the psychological and technical level of 1.3 which many traders look at as the point of no return..OR on the bull side look for an intervention if the pair dipped below 1.3…
THIS is not conspiracy the market has seen this in the past. Also you have to think about a lot of the macro funds out there who buy euro on dips, and this has been quite an epic dip. With crude down 6 percent trading down to 94.21 and equities off a percent a 3rd day in a row you have to ask yourself are we over done to the down side. Perhaps we are a bit oversold and the market does not go straight down or straight up expect some ebb and flow.
The 1200 level was defended in the ES.. the low was 1203.25, which above 1200 the ES still could remain resilient and naturally will want to bounce and or chop around consolidating after the down move from 1265’s. IF you refer back to my video earlier this month i talked about liking the ES long on a close and hold over 1265ish, this never happened even though we did trade 1268. Technical’s aligning with headlines is the them..
As for the rest of the day watch the 1203.25 level, if it fails we will see 1200.. below 1200 sell stops.. if the dollar falls off and the euro bids equity bulls could push us back over 1210 before the close. Though pressure seems to be on the downside still.