Pre-open eMini SP 500 Morning Report 5.28.10

This is a guest post from Precision Capital Management

The Precise Take – Equity futures maintain gains overnight ahead of long weekend

Big Picture Analysis:  The equity bulls accomplished a lot yesterday, as they closed the ES in the next higher value area we have been writing about (purple, below), with a marginally higher high overnight at 1106.75.  It would be normal to test the breakout level of 1094.50 once more, but a close below the 1083.50 high volume level suggests sideways to down rather than resumption of the rally attempt.  Scheduled news is becoming more relevant, and in that regard we have Chicago PMI and Consumer Sentiment today, the former having led to some …

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http://www.precisioncapmgt.com/wp-content/uploads/Precision_Report_May_28_10.pdf