End of day review 2-3-11 Thursday

So the market played out again as expected. I tried getting long twice on that move down to 1290s area only to be left in the dust. Market traded at my price twice and no fill both times and i wasn't about to go chasing the market. My morning plan called for me to be a buyer if we traded down into 1297-1295 area. As price approached that area momentum picked up and bids were disappearing so i had no interest in trying to get long at that level. My line in the sand was 1290-1291.75 area and after the prod into that level the market quickly rejected it showing me the buyers were active there. So that's where i tried getting long but no go. There was a little scalp trade at 50% retrace after the sell off but i was more interested in getting long and was expecting the market to move back through that retrace level. there was a long playing that range at 1298s but i was busy with work a didn't notice it till later on. Always tomorrow...

Pre Market Analysis 2-3-11 Thursday

News: Factory orders @ 10AM, ISM NON mfg index @ 10AM, Jobless claims @ 8:30AM Productivity and cost @ 8:30AM

 Daily Chart notes:  We still have a break out situation and ES has been putting in value yesterday and in globex so we need to see ES hold above 1296.50 area to stay bullish.

MP Notes: ES is building value above recent balance area value and we have a 2 week POC at 1293 area giving market support. Globex has been in a small light volume balance area and has built out slightly lower than yesterday session. So we still have a bullish to neutral macro.

Trade Plan: With ES holding above 1296 area my bias will remain bullish. We have a few catalyst out today after market opens that could provide some movement out of this area in either direction. In the case of a bullish reaction i want get long around support at 1296 or 1290s area. I don't like getting long above that unless we break the highs and come back for a retest after building out a little bit of value up there. In the case of a bearish reaction i will look to short around the highs of the range or might be more aggressive at globex highs.  If we break below 1295-1297 area i will look to be a seller on a retest of that area and will target areas below for exits. Over all i will be patient and wait for the releases at 10AM and see how the market reacts to them and let the day set up before taking anything if im not sure about the set up.