S&P 500/ES ~ Intraday Update ~ 22 May 2012

The ES breached the resistance at 1321 shortly after the SPX opened and then rallied to 1326.5 (SPX 1328.5). We're now back at the breakout level which should be support now.

I was actually about to add a resistance line at last Tuesday's low at 1328.4 in my pre-market chart. I decided not to add it. Today's high is 1328.5 so I probably should have added it... : )

If the low at ~1320 holds I think we could see a rally back to today's high. Else we'll probably drop back to yesterday's close.