Weekly Post 09/27/2013

ES 09282013This is still a pull back. We have some politico stuff holding up the market. Will the government continue financing itself. YES. I believe traders were mostly on the sidelines this week. I feel they are watching the Senate, House, President circus. More important they are waiting to see if the fed eases. All of this means that the market is in a waiting period. Volatility was real weak this week. As far as the chart goes I am bullish and looking for a turn here or just below at the 1667 area. Last week I said i felt the 1688 area would hold. Looking at it now I feel the area is 1670-1680. This is the first area of support. I see it trading between 1680-1705 for a bit. If this area breaks down we should see it hold at 1650. Let’s see how it goes. Short term I am bearish. Mid and Long term I am bullish. Happy Trading!!