We arrive this morning to find there’s been yet another wave of violence in Greece over proposed austerity measures and some French banking warnings. This has the Euro in a tizzy and most likely will lead the S&P.
On the flip side of that, the US Dollar is seeing some buying and the 10 DMA, 20 DMA and 50 DMA now will act as support. Interesting turn of events here and a good reason to suggest that we may finally be seeing the start of a pullback in gold and a return of the silver parabola crush.
ES futures are already at S1 (down 12 pts) and if this area of 1270 doesn’t hold, I think we see 1250 by week’s end.
- R2 -1300
- R1 – 1292.25
- PP – 1274.5
- S1 – 1270.5
- S2 – 1257
Trade ’em well today and trade the extremes!