Hi Lee,

I guess my view is, that regardless of unexpected situations like the closure of the U.S. exchanges for Sandy, the markets will continue to work towards price discovery in whatever manner is possible. As for the SPX, on which the ES is based, the 1400 support level is a significant one as shown on the chart below. The chart is already bearish, having broken under the 1425 support area (now resistance) along with breaching the higher sloping uptrendline from June. All other indicators are also supporting the bear case. If 1400 gives way (the market is still holding it for the moment as of 9:15 EST) then a test of the longer uptrendline from last November, coinciding with the 200day ema, seems to be in order. Will be fascinating to see how this all shakes out over the next few days. Almost certain that the markets will be closed tomorrow, but 'the powers that be' will pull out all the stops to have things going first thing Wednesday morning.

Best regards. Hope you make it through Sandy with little incident.