Tuesday, January 11, 2011

S&P 500 ~ Pre-Market Warm-Up 11 January 2011

Currently, the ES is trading at 1272, so only about 2 handles below the SPX high. (SPX 1278 = ~ ES 1274)

So, it looks like the market is heading to 1300 now.

There is a pretty nice fractal in the ES which supports a rally today:

All in all, I think we could leave the tight trading range (1262-78) today. The uptrend is in danger below 1262 now.