Above Or Below

Once again, the ES futures hit the target not in the light of day, but in the darkness of the overnight session. The ES hit 1206, slightly exceeding Friday morning's target, and then sharply reversed. I thought the S&P seemed rather weak on Friday until just before the bell, though it could have been simply resting after Thursday's big upsurge. Either way, this overnight reversal seems like even more weakness, and it feels like the Irish aid request is a letdown to those looking for closure. Europe is down so far today. I'll be looking for the ES to tip its hand above 1206 or below 1184.50. There is reason to take care here, as the larger question is whether the S&P wants to revisit the highs above or its 200 day MA below.