End of day review 3-3-11 Thursday

Es grinded higher all day with only on chance to get on at 1321.00 area. For some reason i scratched there maybe it was because i am a little scared to hold a trade after yesterday. but lesson learned. The next area is the top of the balance area around 1336.50 area. Tomorrow i will wait and see what happens with the NFP release and will more than likely be looking for responsive sellers at the top of the range.

 

End of day Review 3-2-11 Tuesday

I will update this post later today.

Pre Market Analysis 3-3-11 Thursday

News: ECB announcement @ 7:45AM, Jobless claims @ 8:30AM, Productivity and cost @ 8:30AM, ISM Non MFG Index @ 10AM

Daily chart notes: ES has been balancing in a recent balance area  1293-1336 an the expectation is for ES to continue to balance until we get a catalyst to move us out of this area. Es almost hit the bottom of the balance area and is now making its way back to the top area. We are mid range right now.

MP Notes: ES placed value higher up yesterday and globex is now trading higher placing value higher up as well. the expectation is for ES to continue its move higher up to the top of the range area.

Trade plan: With ES placing value higher up i have to expect ES to continue its move back to the other side of the bigger balance area (1336). We are pretty much neutral on the week in terms of a bias based on the weekly IB. So a rotation back up to the highs is not out of the question. I will be looking to buy support areas on my 30 min chart for moves up into resistance. As for the down side i will be a seller at resistance areas above but i will not initiate shorts to early. I will wait to see how the market reacts to the figures out before placing any trades in either direction.