News: No notable news releases today.
Trade plan: Today is the first day i feel good after being sick most of the week. I only traded 2 days, both days were marginally up days. Yesterday was volatile in the AM due to the Japan earthquake they had. Lucky for them it didn't cause any more damage. ES traded down to the 1320.75-1322.75 area and found buyers and traded back up into value of the recent little balance area at 1327. The rest of the day just saw ES balance in the days range set from the morning building out value at 1329.25. Globex has been trading higher throughout the night building value up at 1334.00 showing that the buyers are still in control. I have premarket resistance at 1333.50-1335.50 where buyers could push ES through it for a test and gap fill of the yearly highs. Because of the bullish context and globex i will be cautious fading that level. I would need to see signs of the market not wanting to trade through it in order for me to want shorts up there, like a range type trade with a tick divergence for example. Above that is the yearly highs where i expect responsive sellers to be active on first touch but i will be cautious of fading the yearly highs as it is well expected for alot of people to be selling that area and we could get a stop run above that. I would be more comfortable selling the next level above. For the down side i have premarket support at 1327-1329 area where we could see responsive buyers active. A break below that will bring the lower end of the range into play and the 1320.75-1322.75 level where i expect responsive buyers to be active as well. Over all with the buyers in control.
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