Good forecast from a health insurance company and some positive anticipation ahead of the new Fed speech is giving futures a lift. Watch YM 10859, weekly pivot. Oil is hovering around its weekly pivot at 66.10, but below 20 dma and seems to be dropping. Support there is 65.80. If the oil bounce falls apart, don't short this market today. The charts outlined below are bearish, but this will be a trader's day, and I'm not sure a bearish position will hold for long. YM has a gap to close now at 10799 and that zone could bring in some buyers. Critical support is 10792. There is that big gap all the way down at 10747, which will get filled one day. For ES, critical support is 1262. Don't forget the SOX and the 20 dma, now at 530. Bullish above, bearish below.
This entry was posted
on Monday, February 06, 2006 at 6:10 AM.
