Morning Es Trading

Thursday's economic calendar was packed with important data, but once the reports were issued and the dust cleared, none of them proved to be particularly market moving. Jobless claims, CPI, leading indicators and existing home sales all came in roughly in line. And despite the horrendous print out of the Philly Fed, it, too, failed to elicit much of a reaction among traders. Friday's economic calendar is completely empty, so those looking for the market's next catalyst will need to look elsewhere.

5-minute Es Source: eSignal View Chart » View in New Window »

Ahead of Thursday's RTH auction I highlighted and opined on the importance of the 1491 level, and despite that session's afternoon rebound from within our 1494.50-1496.50 area of interest, I still believe the low-1490s are destined to be tested. Given the number of traders that were likely fixated on the mid-1490s (for support), I suppose the late-day bounce shouldn't be all that shocking. Nonetheless, I remain committed to the view that the Es will most likely probe lower levels in the coming days. Only a sustained trade (and strong close) back above 1521-1522.50 will force me to reevaluate my current bias....460 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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