Monday, July 13, 2009
Morning Briefing for July 13th
After significant stock market weakness in Asia overnight, U.S. stock index futures held their lows from last Wednesday. Now we can see from the Market Delta chart above (bottom chart) that this has emboldened the bulls, and we're challenging Thursday's price highs in ES. Note the volume bulge between 869-872; we need to stay above that level to sustain a bullish outlook for the day. I will be updating markets and indicators via blog posts and Twitter intraday.
8:29 AM CT - I added the top chart to show how we're running up against meaningful resistance from the highs of Wednesday and Thursday in the ES contract. Failure to take out those highs in early trade today sets us for potential reversion into the multiday range.