Thursday, May 05, 2011

SPY - Levels of Interest

It feels like we will test SPY $134.00 in today as ES_F is printing a lower low in pre-market. All eyes are on this level. If it doesn't hold we have a small bullish gap support area just below. The level of strength of the kick back rally will be telling.

Also watch copper, oil and gold futures, all of which have sold off with volume in pre-market. This could be the flush we've been anticipating.

Initial jobless claims very disappointing 474K vs. 410k consensus.