So far the ES as traded as low a 1044. The July 20 low at 1051 is now acting as resistance. Strength above there would be very bullish but I have not seen it yet. Until I do I have to believe that the market is headed a little lower into the 1036-1041 zone where it will encounter a second cluster of lows which formed earlier in 2010.
Thanks Carl, this has got to be one of the trickiest markets Ever. And I must give credit where credit is do you have been able to pick the es trading levels better then most everyone in the blogger universe.
ReplyDeleteI suspect 950 but we could get to 860 before the next battle between the Fed and the bears.
As fundamentals are the dominant factor in the end, I recommend everyone read John Hussman's excellent "Why Quantitative Easing is Likely to Trigger a Collapse of the U.S. Dollar"
ReplyDeletehttp://www.hussmanfunds.com/wmc/wmc100823.htm
I am short stocks, long physical precious metals, and long physical items we use everyday.