News: GDP @ 8:30AM, Jobless claims @ 8:30AM
Trade plan and Price action analysis: (Price action) Yesterdays price action was bullish as ES tried to put together a rally attempt. I will monitor todays price action for follow through. We still balanced in the same area so no real improve was made. ES did close back inside the range and at vpoc of balance area. Globex has traded higher retesting the balance area highs of the range and has since sold off a little bit giving me a mixed picture on the session. Globex has pretty much balanced in the upper part of the range. The 200 min chart show that this is a PB in the bigger uptrend and we could trade to the top of the channel we area in currently.
(Trade plan) We have GDP and jobless claims out at 8:30 AM and nothing out after the open of cash session. With the bulls in control of yesterday session and globex trading in the upper part of the value of the past few days we could get follow through today and shot for a rally by the bulls. If we take out the globex highs today we could see higher prices and i will be less aggressive on the short side. The 1327-1329 area would be the target of the move up and then the 1336 area above that. In the case we trade lower i expect buyers to still be active at the 1311-1313 area cvpoc. Over all im looking for support to hold and will focus on the long side into support areas. Out of time for now will be back at cash open.
