Overnight, the market sold off due to Japan raising the level of it’s nuclear crisis to the maximum level. The daily chart shown includes the Globex session data.
The sell-off took the market back into the middle of the large apex that formed between late February and mid-March. The key question is: Will this level hold?
The overnight action looks climactic at the 1310 level, which is the key level to the downside for today’s market. Below that is the 1300 level should 1310 fail to hold.
Yesterday’s low of 1317 would logically become resistance on any rally this morning.
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