We had an OAIR open type. Today was as dull as it gets... There have been no opps for any kind of trades for me. I was expecting a balanced session today but this was to balanced. Let's see what tomorrow brings.
No Trades for me today:
Monday, February 14, 2011
Pre Market review 2-14-11 Monday
News: No news release today
Daily chart notes: ES is still in an uptrend and we just had a small pullback that sent ES up into new highs on the year for Fridays session. The trend is still up.
MP Notes: Last week was a small range week which saw ES break the highs on Friday closing above established value for the week. Fridays session saw ES put in a p type profile which is indicating short covering at the extremes and Sunday globex saw ES put value in at the top of Fridays value giving us a macro structure so far. Over all ES has been establishing value higher up and we could still go either way.
Trade plan: ES broke out of the small balance area we were in last week on Friday. We have been building higher up and buyers have been in control for some time now so there is still no reason to fight the trend. I expect support to be bough this week unless some bearish news comes out. For today we have no notable news releases so im expecting a balanced session especially after making new highs on Friday. With ES in a bullish structure i will be looking to buy support. The first level i like is the 1320-1322 level which is the top of the previous balance are from last week. I expect buyer to be active here on the first test of this level. A break below that area will be a red flag for buyers and a test of 1316 below will be likely. Below that we have the balance area POC at 1316-1314 area where i expect some rotations. For the up side i will be looking for short opps at the 1329-1331 level as im expecting a balanced session but i will still be cautious of a possible break out and continuation of the trend. Over all my concentration will be on the long side and i will be looking to sell above value. Also worth noting ES has been going up on light volume and is in a big rising wedge pattern on the daily. We could see a push down on the daily time frame so i will also monitor this if it develops.
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