Notice how we rejected the early lows today when we dipped below yesterday's lows and now have moved above the overnight highs, back into the thick of yesterday's trading range. This is setting up the low 1170 area as important support and, even if we're beginning a topping regime, should have us testing the bull highs--particularly if we see a drying up of selling pressure, as has occurred thus far today with rising lows in NYSE TICK.
Observe also how other risk assets have bounced this morning, supporting the strength in stocks. Resistance starts to kick in around the 1185 area in the ES futures, so that will be a level to watch.
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