End Of Day review 3-8-11 Tuesday

So ES found responsive buyers below yesterday value area and we shot straight up from there. There wasn't any good opps to join the move unless you just bought something which isn't what i like to do. So i waited and grabbed a pullback into support later in the day and got out for 3 points. We formed value higher up with acceptance at 1321.50. We are still ranging on the higher time frame and need to be looking for a move out of this area. For the overnight i expect ES to balance between 1318-1327 area the levels from today are still in play and i will look at the morning to make any adjustments.

Pre Market analysis 3-8-11 Tuesday

News: No news out today

Daily chart notes: The daily chart is forming a triangle and staying within the balance area.

MP Notes: The profile is showing we are in a big balance area between 1343-12920 areas. The trend lines are compressing price and not allowing the market to reach the value low and highs. We are currently in the middle part of the balance area. Market closed in the middle of value formed yesterday and globex has formed value slightly higher giving us a neutral macro.

Trade plan: With ES moving back and forth in the middle of the balance area it is hard to gauge the next move. I will play defense and wait for the market to move to the extremes of the balance area. Im looking for ES to trade lower today and reach the trend line or the bottom of the balance area. Im expecting 1297-1299 to hold and buyers to be active there. We also have 1301-1303 area where i expect buyers at also. In the case we go higher we have 1325-1327 area and 1334-1336 were i expect sellers to be active as well.