Monday, January 23, 2012

Monday Morning S&P500 note

1318.25 traded on a reach into buy stops and failed violently down to 1305.25 ... refer to my morning post from 6am below. 

5min ES.. 
5 in ES
If you went to bed at a reasonable hour you saw red futures, this (anomaly) did not last long... the ES is currently green as well as crude. Some eurozone talks on the 'crisis' apparently sparked the algo's into buying over 1310 sending the ES up to 1314, a new 2012 high!  1305 held firm throughout the night thus during cash and the hour leading up 1305 will need to hold to continue upside. below could trigger 1300 test.

The euro is up .6% sitting with the high of the session being 1.3017... as you remember a big break down point for the euro was 1.3 failure..