SP 500 E-mini Future
|5 min ES|
Taking back Wednesday was there theme as it has not stopped raining in Chicago and bonds have stopped rising for two days. The bonds again were the underlying force keeping a consistant heavy ES offer due to the arbitragers, though what is new?
The ES failed the 1565 level early this morning leading into a cascade of selling into 1538, .50 below Monday’s low.
SO yes if you are good at math you can deduct monday from today’s #’s and you see Tuesday has been erased. Tonights line in sand has been placed @ 1540 with 38’s being the event horizon before 1529.75 comes up fast. Under 29.75’s i sincerly believe we could see 1500 shortly after, especially if the break of 29.75 is coupled with..
1. declining euro
2. falling bond yields
3. apple continuing to decline
Currently the ES is trading for 1546.75 with resistance running up into 1548 and 1550 which a trade over would possibly create a pinch because as i type crude has broke 86 and now rallied clear up to 86.69 which has been closely telegraphed by 6E rising .32% into 1.3055.
This 1.3055 level will act as resistance tonight. so if it breaks over 1.3055 yesterday’s 6E high will come into play.
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