End of day review 3-24-11 Thursday

So today was another straight up day after the initial selling into support. It was the same day as yesterday. I tried a short after the open drive opening type and i was looking for the follow through but it never came so i ended up taking a scratch for break even. I missed the 1 good set up i saw today due to lunch and work on the second test. Tomorrows another day but i will only be around half a day. Going to Miami for the week end :)

Pre market analysis 3-24-11 Thursday

News: Durable goods @ 8:30AM, Jobless claims @ 8:30AM

Daily chart notes: ES has been putting in a pretty good bounce and we could see higher prices above 1300 area

30 Min chart notes: ES is still in a uptrend type move from the lows established last week. We have a H&S pattern forming and this will be monitored for follow through.

MP notes: MP shows a big balance area from a few weeks ago and lower value established from last week. We have  been recently establishing value higher and above 1300 would likely see higher prices in ES as this would negate the recent balance areas scenario that i talked about yesterday. So being where we are today responsive sellers could step in or buyers could keep control and push ES to new highs.

Trade plan: ES bottomed last week and has been putting in a bounce that showed pretty good strength yesterday. I can see the 1300 area as the line in the sand for ES and above that could see higher prices below that sellers could regain control. Buyers are in control short term and sellers on the intermediate term. Above 1300 the buyers remain in control and will start to take full control of the market once again which could lead to new highs on the year. The market is in a tricky area right now and could go in either direction. There are no catalyst out after the open and it looks like ES is gonna open above value so we can see responsive sellers active.