Wednesday, November 04, 2009

Morning Briefing for November 4th: Working on a Breakout

We've broken above the 11/2 highs on the heels of U.S. dollar weakness and firmness among commodities. That means I'm looking to see how we behave around the 1050 level in the ES contract (above) to see if we can sustain the breakout going into today's Fed announcement. If not, that places us in a wide trading range defined by yesterday's lows and today's highs, with a target at yesterday's pivot (see Twitter post for pivot and other price targets).