End of day Review 3-15-11 Tuesday

The market open and responsive buyers were active off the open. there were a few nice pullbacks along the way to join the move but for some reason i scratched my long. Mostly due to the uncertainty of what could happen. ES moved higher throughout the day and chopped a little it ahead of the FOMC at 2:15 pm. Buyers came in any chance they could and pushed ES to new highs on the day. I was waiting for a reversal at some point but it never came and i sat bored mostly all day. What else is new lol. Levels traded well today im happy with them. Need to focus more on reading the open of the market i should have tried longs more aggressively instead of waiting for a reversal. Read what the market is telling me don't make assumptions based off of what i think will happen. That's all folks ...

Pre Market Analysis 3-15-11 Tuesday

News: Empire state Mfg Survey @ 8:30AM, Housing market index @ 10AM, FOMC announcement @ 2:15PM

Daily chart notes:  Es has traded down to the 1254 area in the overnight session. So we will have a big gap down to deal with today. We are in a confirmed downtrend and i will be monitoring the bounces for strength.

30 Min Chart notes: The 30 min chart has been in a down trend and Fridays action seemed to be a pullback in the down trend. We have a massive selloff in globex session and this confirms we are in a down trend. I will monitor for weak bounces.

Trade plan: yesterday ES traded around the key support level chopping it all up. So i assumed we were going to have a range extension. We closed back up into the range by the end of the day erasing most of the day's losses. In globex we have had a massive move lower (40 +/- points) due to the Nuclear uncertainty in Japan. Its hard to say if we keep moving lower or not because this is a news driven event. We could snap back up at the open. We have FOMC out today later in the afternoon. So i usually would expect choppy price action leading up to that. But in light of globex action i really don't know what to expect today. What i do know is that ES was starting a new down trend and has sold off down to strong support at 1252-1254 so i will have to see if this area holds or not. If this area holds then i will be looking for selling opps around the resistance areas above as we start to put in a bounce. If we do break lower i will be looking for long opps after we have found some exhaustion selling and start to chop for a bit. So i will stay patient and wait for the open to see how the market reacts to the news.