A 100 point down day, followed by a 100 point up day. It’s anybody’s guess where we go today.
Yesterday’s rally in the afternoon was based on the assumption that the US markets would hold on to the yearly lows and rally. Well they didn’t. In fact they broke down and we are seeing the ES now at 1020 well below it’s 1032 previous lows.
We have opened around 5270, 46 points down.
5256 and 5225 are the levels to watch on the downside.
5256 is value area low from yesterday.
The chart above is for the NYMO.
I last commented on the NYMO here. There are other refernces you can get if you hit the search box to your right.