Your MUST-READ Morning Stock Futures Cheat Sheet: Taking a breather

The Precise Take –  Taking a breather

Big Picture Analysis - Yesterday’s strong rebound into the close after touching 1294.00 in the ES may have staved off disaster for the bulls in the short term.  With headline risk slowly fading into the background and an upcoming three day weekend in the US, we might get a bit of respite depending upon today’s action.  As seen below in the 135 minute chart, a base of volume is slowly being built centered around the 1305 high volume node.  First overhead volume resistance begins in the mid 1330′s.  From there, it would take strong buying to overcome trapped longs getting out from early May positioning.  Similar to that consolidation period, we might see more back and forth before the next move unfolds.

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To contact the reporter on this story: Bob English at staff.writers@wallstcheatsheet.com