Thursday, March 3, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 3 March 2011

We've got the expected rally into the low 1320's already in pre-market (the ES hit 1321 a few minutes ago).

The market has to decide now which way it wants to go. Either it follows the April fractal and will be selling off later today/tomorrow again or it breaks SPX 1332 which would be very bullish imo.

So, a convincing break of the 1295-1300 area is bearish and break above 1332 bullish.

I'll post an update on the EUR/USD and bonds later today.