Market Notes, Mar 24, 2010

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I am suspicious of this breakout in ES, but so far, sellers have not done anything of significance, and I must go with what i see, and that is an up trend. If there is going to be a selloff tomorrow, it certainly is not the message of the above chart. There is an economic report tomorrow at 7am PST, so that may or may not provide bears with some bullets, we'll just have to wait and see.

Euro is bearish. It did not have enough strength to retrace to 1.359, which was where I was looking to short. Resistance is now at 1.3565, 1.3530, and 1.3480. If Euro is still above 1.34 tomorrow morning, I will also consider shorting a breakdown of 1.34.