End of day review 3-29-11 Tuesday

ES opened and tested the 1299-1300 area before the figure release so i wasn't interested in getting long in front of the econ number. The number was out worse than expected and Es started to take off to the upside and pulled back to the 1304.75-1305.75 level i had  which would have been a good long trade but i was short at globex highs and wasnt thinking to get long I ended up scratching when it came back up. after that it was a slow grind higher and no opps to get long on any pullbacks so i sat out rest of the day. With ES back above the 1309-1311 level my expectation is for new highs over the next few days. I will wait and see what globex does and go from there in the morning.

Pre market analysis 3-29-11 Tuesday

News: Consumer confidence @ 10AM

Daily chart notes: The daily chart saw a little selling but no real damage to the uptrend from the lows. Something to take note of is that we hit the bigger down trend line from the highs.

Trade plan: ES has been trending higher and the sold off yesterday late in the trading session. Globex has traded back up into resistance at 1307.50 and rotated back down to the lows of yesterday at 1301.75 building acceptance at 1304.25. Globex seems to be balanced for now. We have pre market resistance at 1308.25 and a break above that will bring the initial resistance area at 1309.50-1311 level into play where we could find responsive sellers active being that it's the major CVPOC. A break above that area would be a caution for sellers and i will not so aggressive on the short side as we could get some more upside trading. I will look more for shorts around 1320-1321 area. For the down side i expect buyers to still be active at the support levels laid out below. We have pre market support at 1301.50 and initial support at 1299-1301 where i expect buyers to be active. Below that we could get a quick move down to 1295-1296 and the 1291-1293 where i still expect buyers to be active.