Monday, February 6, 2012

Monday Morning S&P500 Chart

As you can see the ES melted higher very slow today with 1340.50 being the high. Bonds told us something was amiss today with TLT's curious strength over 117. Crude rather mute today post morning volatility. Gold stayed weak though off the lows...with this weeks auctions still on the horizon we could see a few more days of action like this.

5 min ES. 
5 min ES
So far so.... id like to see 1333 hold.. but pressure already on 1334.. choppy overnight session as Greece dropped the ball again.. this should make for a extra choppy cash session.. since the index's are already on the weak side you might want to take a step back and looking for buying and or profit taking opportunities.

Upper resistance is 1336.5 .. over could bring a test of 1340 ... 1343 is the high for the year.