Pre-Market Outlook $ES_F 9/29/10

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We made new highs overnight at 1146.75 and any potential gap will be at 1141.75 (currently none at 7:33 CT).  The market is feeling heavy as the moving averages have caught up to current prices.  I would be surprised if we did not make some attempt at 1149.75, high from Monday.  But it needs to happen sooner than later.   If we get below 1137.00 look for support to become resistance.   Any prices above 1150 or below 1130 would be bring interest to the market.  Risk is slightly to the upside, looking to sell rallies initially but expecting a tight range.    Still have a gap at 1105 below.  As always, be aware of the news.

All Times Central

9:15 Narayan Kocherlakota Speaking

9:30 EIA Oil

11:30 Charles Plosser Speaking

Noon 7-yr Auction

12:15 Eric Rosengren Speaking

2:00 Farm Prices