The S&P 500 e-mini (ES) futures (top chart) and the NASDAQ 100 (NQ) futures (bottom chart) have moved back into their October ranges, on the heels of reports concerning a delay in debt payments by Dubai World. On the heels of multiple non-confirmations that accompanied recent price highs in November, I will be watching closely to see if we take out the late October lows in such indicators as new highs/lows and advance/decline line. Also worth watching is the U.S. dollar, which may become a relative safe haven in the event of concerns regarding emerging market debt.
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