This week looks like a decent start for the bulls. Futures are up this morning with oil up and the dollar down. The dollar overnight was above 83 but failed to hold it's gains. With the market at support we could expect a bounce this week, but unlike previous weeks the market does have resistance above it.
Looking at the Levels to watch from last nights post with today's Pre-Market action.
XLF- is up on Goldman putting BAC on it's "conviction buy" list XLF is still following its up trend. It may gap up to resistance at 11.88-12.00. Here is the LIVE version of the chart
SPX- 882.49 the 20EMA wont be tested at the open, but what will be tested is 890.41 60min 20EMA and 895.34 60 Min 50EMA. Here is the live version of the chart. Also the 60 Min chart is showing oversold so a bounce may be coming.
How the Dollar is positioned right now it looks slight bearish, which could be bullish for the market. It failed at to hold above 83 and now has formed a mean looking Shooting Star and is back below resistance. Watch for a break out above 83.10 today.
