Intraday Commentary – 5/24/10
Time posted: 8:39am UTC
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We are in a major resistance band. ES is also in congestion mode. The longer term indicators are saying short but the indecision indications make longs a possibility also. I need to see a break to one side or the other before picking a side. A break of 1090 should have us looking to the 1105 area. A strong break south of 1070 should take us to 1060 and maybe even 1040, dependening on the pattern of retracements during the move. Let’s see what the day brings.
The 1060 target was hit after 19:24EST. This is a major support level. If it breaks south with significance, expect a minor support point at 1052.50 and a more significant one at 1046.25 on its way to target at 1041.50