News: Jobless claims 8:30 , Treasury budget 2PM
Daily chart notes: We are starting to see some selling in ES and this can be viewed as a pullback in the bigger up trend. How deep the pullback will go is anyone's guess.
MP Notes: ES has been putting in value at the highs and yesterday's session has closed at the top of value. Now globex is trading lower testing the 1310 area which is the weekly lows. We do have a neutral week ly IB and can expect ES to rotate back up to the highs. With globex value forming lower we have a bearish macro structure.
Trade plan: I am kinda rushing this today due to work. I didn't really have the time to do good analysis so I'm going to be cautious today and wait for the opps to come to me. With ES trading lower in the globex session we have a slight bearish bias going into the day. I still expect support to hold and will be looking for long opps into support. I'm expecting 1304-1306 area to be bought on the first test. In the case of any buying i will stay bearish below 1313-1315 level if we get above that i will be cautious at the highs but will be looking for selling opps above value back down into support. Be patient and wait for the day to set up the range then go from there.
