Mar 282013


Some relief over the lack of bank runs in Cyprus lifted the markets during the European session.  As the US session came into focus, the ES was sitting under it’s all time highs with a couple major economic reports: GDP and Jobless Claims.  GDP came in down and Claims shrank providing mixed data for the morning.  As I posted in chat, I thought the top would be tested sometime today and I half expected a stop run above which would make the R1=1563 area a prime area for resistance and a potential high of the day.  As the US cash session opened, volatility and volume quickly started drying up.  We were looking at a 3 day holiday weekend with no clear news to give the market a direction.  As been the case over the last few weeks, no bad news means the bulls are free to probe the highs.  It took almost 90 minutes, but the ES finally broke through it’s previous 605.0 highs to fall a couple ticks short of the R1 pivot.  On the next retest of the highs unfolded into today’s example trade.

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