This is a guest post from Precision Capital Management
The Precise Take – Equities recovered a bit yesterday, but now encountering strong resistance
Leaders Analysis: The US Dollar Index sold off but subsequently bounced strongly overnight, the EuroYen has continued its advance, and 30 Year T-Bond futures are down marginally, but consolidating. All in all, the leaders are equities neutral
Medium Term Analysis: The ES had a bullish showing yesterday, but has advanced enough to get shorts interested. It will need to clear 1109 to avert new lows. Estimates for Friday’s Employment Situation are generally negative; however, the ES has a chance to rally on a consensus number.
Trading Today: As we write, the ES is breaking down through strong support that includes the daily pivots, closing VWAP, and a long term high volume level, from 1093.50 to 1094.25. Below that there is virtually no support to…
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