News: Durable goods orders @ 8:30AM, Jobless claims @ 8:30AM and Pending home sales @ 10AM
Daily chart notes: ES Daily chart is been in an uptrend and has been balancing lately between 1268-1296 area. ES is currently at the top of the balance area with buyers still in control.
MP Notes: Yesterdays session was mostly neutral with neither the bulls or the bears taking control. We are trading at the top of the balance area with heavy acceptance at 1282 area also we have put in a P shape profile at the top indicating that the market still wants to trade higher. ES closed in the middle of value yesterday showing no real bias for any control. We are neutral on the macro with globex putting in value in the same area as yesterdays value. We also have a neutral weekly IB and we should be expecting support and resistance to hold up.
Trade plan: ES has been trending higher in this recent range and yesterday saw ES try a few times to break out of the highs of the balance area only to be meet with responsive buyers. It also looks as if this area is being accepted and i need to monitor for a possible break out. So the game plan for today is to look for shorting opps around the top of the balance area to trade back into value around globex and yesterdays lows at 1289 and 1288 then down to poc at 1282 area. If we break out above 1296 i want to be a seller above value at the resistance levels above on the 30 chart. On the long side i only will look to buy if ES pulls back to support areas around 1289-1288 and 1285-1287 area a break below that would be a red flag for buyers and a test of VPOC is likely but i may still look for long opps around there as well. It all depends on the price action and how we get there. A break below 1282 VPOC and i would be really cautious on the long side till we establish some support. As of writing this ES globex is at 1295.50.
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