The markets are doing what the bulls want right in here, but there continues to be extremely negative news out of Europe and the banks there. Unless that crap is fixed, and here in the U.S. as well, we won’t move much higher.
However, there is still an air of bullishness going into the November elections, regardless of the outcome. So considering this and the cycle work that some pros look at, we could still see substantially higher prices if key support levels hold in the next week or so.
I am looking for the daily /ES to hold 1080, and if not there then 1072 for sure. If these fail, then we’re testing 1040 again for sure.
1080 also coincides with the Fib 38% level retrace, and 1072 the 50% Fib. Let’s see what happens now that traders are back.
Bias for 9/8 is NEGATIVE
Daily Pivots…..R1 – 1102.50, Pivot – 1096 and S2 – 1078.50 …….Trade the extremes!