Tuesday, December 08, 2009

Morning Briefing for December 8th: Downside Break

Having taken out the 1098/1099 area of support in the ES contract, which had held for a few days, we're now looking at resistance in the 1084 area, which was pierced once over Thanksgiving (on the Dubai news) only to quickly return above that level. Acceptance of price below that 1084 region would signify fresh selling pressure and put us in an intermediate-term downtrend mode.