The eMini S&P had 86K contracts open to the short side in Thursday’s session – Traders who hold their positions for an extended period of time are speculating the market to continue its downward trend. Consumer Sentiment and higher fuel prices will exacerbate the situation. Sell the rallies against resistance.
Support and Resistance:
ES ZB
R4 1301.75 116.17
R3 1294.50 116.05
R2 1286.75 115.19
R1 1282.00 115.15
PP 1279.25 115.08
S1 1277.75 115.02
S2 1270.75 114.28
S3 1264.25 114.21
S4 1260.75 114.12
Today’s Reports:
Personal Income and Outlays 8:30 ET
Consumer Sentiment 10:00ET
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