Going into today's opened upwardly inward the S&P 500 Index futures (ES; bottom chart), banking company complaint how nosotros held back upwardly yesterday simply below the 910 grade in addition to and then bumped higher inward the overnight session on describe inward Europe. Per the early AM tweet, nosotros had selling come upwardly into the marketplace position on the usage news, in addition to that has left us firmly inward a multi-day trading arrive at amongst yesterday's lows in addition to highs defining the back upwardly in addition to resistance close term.
We've seen recent dollar weakness versus the euro, every bit the dollar is knocking at the upper halt of its multi-day range. Rates on the 10-year Treasury direct hold bumped higher this morning, in addition to we're looking at nicely higher gilt in addition to fossil oil prices. Note likewise that the NASDAQ in addition to Russell pocket-sized cap indexes are likewise quite close the upper halt of their ranges. In all, nosotros direct hold to cast those intermarket themes every bit bullish.
Failure to accept out yesterday's highs inward early on merchandise volition target yesterday's pin level. At this juncture we're virtually midway betwixt pin in addition to R1 (see Twitter post for update of telephone commutation toll levels); handicapping the deed to ane of those levels sets upwardly an early on forenoon trade.
9:07 AM CT - I've updated the nautical chart (top) to demonstrate how selling afterwards the nine AM CT numbers has taken us dorsum below the overnight highs inward ES, keeping us inward the multi-day range. We'll ask to run into pregnant fresh buying to interruption that arrive at to the upside. Absent that, yesterday's pin in addition to the overnight lows larn logical downside targets.
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