from the trading desk of CFRN...
OVERBOUGHT BUT GRINDING HIGHER! Per our forecast last week, the SP EMINI today took out the weak shorts and the stop losses resting above the hourly double top at the 1242.25 level. Popping thru the stops, the market finally found resistance just shy of last weeks anticipated high of 1246.00 and this week’s Weekly Trading Zone. With a divergent market between the Dow and the Nasdaq, the SP EMINI finished a modest 3 points higher on the day. Despite a strong dollar over lingering concerns in Europe, the strength in the market came from commodities. Crude Oil and Gasoline rose on colder weather. The metals rose as a defensive move against problems between North and South Korea. They were a few of the winners today.
Weekly Trading Zones
The 1235/1236 Weekly Trading Zone provided support on the Sunday Night Globex Session and the 1244/1245 WTZ capped the up-move on the Day Session.
|S&P 500 Emini Futures / ESH1|
Make it a positive one.
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