News: NFP @ 8:30AM
Trade plan and Price action analysis: (Globex) The market had a pretty strong move lower but recovered a lot of the lost ground after bouncing hard off of the previous balance area vpoc at 1327-1328 area. I have a level at 1331.50-1333.50 and if globex can stay above and then break the 1337-1338 level we can see higher prices over night. Next level above would be the 1342-1344 area where I expect buying to stop at in anticipation of the NFP number tomorrow. More than likely we will balance tonight ahead of the NFP figures.
(Cash) Globex balanced between 1331.50 and 1333.50 on the low side and 1337-1338 on the high side. And i mentioned that if we break above the 37-38 level we could see higher prices. We did break above 37-38 and traded up to 1341 and have since ticked off a few points. My expectations for today are kinda up in the air with NFP out at 8:30AM. Im expecting balanced trade up till the release and a sharp move in either direction depending on the outcome. Im the case of a bearish reaction we could see new lows this week so i will be cautious buying anywhere. And we are at the lows of the week. If we get a bullish reaction we could break higher. So I'm not gonna make any assumptions until after the news hits the tape.
