![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjube_RLhWRWtOyF461FAYQIFNphXXOF_d7YE4oLIiq0ZMxxtT5itibjY4O4Pq_of_mFYhje4iUOryLDVK0E7EznqZR5eFBhrYujMPNZRFZxfvRLcfk0hWxTzkmKsk_b6IMDXeS/s320/ES041310.gif)
We can see that the 1185 area in the ES futures (above) acted as resistance last week and now is offering a measure of support after this morning's market drop. We're seeing selling in the euro and Aussie dollar vs. USD; gold and oil are also lower. Small cap stocks are holding up relatively well, however, and the 70 area represents key near-term support for IWM; 1980 is key support for NQ. With 977 more declining stocks than advancers, so far this is a normal market breather, not a wholesale rejection of these price levels.
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