Tuesday, November 24, 2009

Morning Briefing for November 24th: Continuing in the Range

Pre-opening GDP and housing numbers did not move the market significantly, and we remain in the multi-week range (ES futures, above). The area around ES 1100 level has been important support this morning and has been a significant level during the multi-week range. We need to hold above that level to test the range and bull market highs. If we can hold that level with corroboration from other risk assets, we could get a nice upside breakout move. Failure to hold 1100 would target the range lows.