Futures Resistance At 1,085 Proving Material As Volume Moves From Fumes To Empty
The technical barrier of 1,085 was a major support on the way down, and today is proving to be a major resistance as the market tries to climb back up. So far three tests at the 1,085 level have been unsuccessful. As Greece has been dropped to the back-burner, all robotic systems are go, further demonstrated by the complete collapse in volume during the afternoon session. Should ES break above 1,085 limit cover order may kick in, taking the market higher, although it appears that the selling pressure just below that threshold will be too much for the market to digest today.