Good Morning.
Existing Home Sales and bill auctions are the only reports out today - Home sales are bound to be a drag on the ES, look for a sharp break at 9:00 am Central on that announcement. I am not at al confident that the ES will hold its gains from Friday - 1279 is going to act like a magnet because it is such a large volume area. If the ES breaks lower to the 1285 area be a seller - I am leaning toward the bear side this morning. Open interest was lower and volume has been building lower since last night's open.
Support and Resistance Numbers
ES ZB
r4 1307.50 118.28
r3 1302.50 118.22
r2 1296.50 118.15
r1 1293.00 118.09
PP 1289.00 118.03
s1 1286.50 117.30
s2 1283.50 117.18
s3 1280.25 117.13
s4 1275.50 117.02
Best
Josh Kelne
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