ES (the SPX futures) retreated to 1360 to reflect uncertainty about Obama's second term. Then the Israel news pushed 20 points further to 1340. Friday afternoon we got good news from the congress. SPX soar 20 points. Then over the weekend middle east cooled down. So now we are back at ES 1380 area.
1380-85 is a good resistance area, defined by last drop. There is a pretty reliable 1on1 bearish pattern on ES hourly. Also 200 day MA is at SPX 1382. These things are going to hold the market for a while. Then we can figure out which direction the market wants to go.
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