S&P Future +2.19% Overnight Testing 200 Day Average, Dollar Index Nervous on Uptrend (ES_M, DX_M Charts, $UUP, $SPY Related)
5/27/2010 03:35:00 AM
S&P Future Update: The June E-mini S&P Future is up 1.91% tonight, testing the 200DMA and downtrend resistance level [it is now up 2.19%]. The $1,050 floor and flash crash low are holding for now. Tonight's move is a decent reversal from Tuesday when ES was down 2.50%. There are still plenty of bulls out there, look at my link fest from earlier. Bulls still need to clear the 200DMA and downtrend resistance level for breakout confirmation. I put up charts of the E-Mini S&P June Future (ESM10) and Dollar Index June Future (DXM10). The Dollar is looking nervous at uptrend support, it's still holding but watch for a break. ES gave back some gains, up 1.98%..... Looks like fresh green volatility.