News: jobless claims @ 8:30AM,
Trade plan and Price action analysis: (Trade plan) Yesterday ES had a reversal day. We traded down below the march swing lows and buyers were active pushing ES back above. Buyers stayed in control for the remainder of the day and closing on the highs. Globex traded up into 64.25 resistance area and trended lower throughout the night and bounced at 1240.50 which was HVN and LVA on yesterday session. Buyers were active there and ES bounced and is currently at 1246.50 and moving higher. The expectation for today is for responsive buyers to be active at support and push ES back up into the weekly range. Im also expecting sellers to be active at resistance areas but favor the buyers. Sentiment is still bearish so i will be cautious on the long side as we may get follow through to the down side if we stay below the 64-66 area. A break above that area would confirm buyers in control. The main catalyst today is the jobless claims then NFP tomorrow. We may not see to much action today as the market will wait for the NFP numbers. But given the recent volatility it could still be very whippy action.
