Fears in Europe over the Spanish debt crisis have subsided after Spain was able to sell 10 and 30 year bonds to help weather it’s debt situation. The Euro and European stock markets both responded positively. CPI met expectations while the Jobless Claims did not which started a knee jerk reaction to the downside. As I write this, the ES has been recovering on light volume with institutions still selling. On the composite volume profile it can be seen that the ES is approaching a large LVN area from about 1115 to 1130 which could provide some significant resistance over the next several trading days. Thus the Spanish news and the Jobless Claims are at odds with each other which should provide us with the rotational type markets we like to fade today. Monitor order flow and look for setups at each LVN area today. The best areas to fade are marked on the sheet below.