Tuesday, January 24, 2012

The Auto Pilot Market - Afternoon S&P Futures Note

Lets hope the GPS driving today's trade is not one used on cruise ships... or actually yes.. that would be good.

5 min ES 
no test of highs today, yet.. though the perma bid over 1305 still exists and you can lean on it carefully if you choose to scalp long. You can see where the price pinched as cash markets opened @ precisely 1305.

Over 1310 buy stops.. below 1305 we see 1301 again.. last week i mentioned i welcomed a test of 1300 before we moved higher, if indeed this is the trend... the low today 1301.75 just might have been the test of 1300. If that is the case 1320 in the deck later this week.. if the market will ever wake up again.