The overall broad-based market indices are taking another big hit today with global equity markets still concerned over the EuroZone debt situation. Futures were lower overnight as stocks in Europe and Asia sold off. Disappointing economic news showing that weekly jobless claims had increased did not help the market either. Although the market has spent most of the day trending lower, the market attempted a brief rally off of its 1071 lows to the 1090 area.
Our approach is to “bracket” 1110 on the ES by 25 points to give us an indication whether or not we are heading higher or lower into the end of the month. -DTI
