News: Consumer sentiment @ 9:55AM
Daily chart notes: ES has been pulling back the last few days as expected this week. The pullback has been light and every dip has been bought so need to keep bigger picture in mind. The trend is still up.
MP Notes: ES has been consolidating in the recent balance area of 1310-1322 this week. Yesterday's session saw ES trade down to 1310-1308 level of support and bounce from there. We have a neutral weekly IB and it seems to be playing out. Yesterday ES closed at the top of value on a p shaped profile indicating short covering at the bottom of the range at support which confirms the area and the neutral weekly IB. Globex session has placed value lower down on yesterdays value giving us a slightly bearish macro going into today's session. Over all we are still range bound and need to look at the extremes.
Trade plan: Today we have consumer sentiment out at 9:55AM. I will wait to see how the market reacts off of this report and go from there. In the case of a bearish reaction i will look at 1310-1308 level and look for responsive buyers there. If we take out that level i will be looking at 1304-1306 level where i expect selling to shut off and will be looking for longs back up into resistance areas above. In the case of a bullish reaction i want to be a buyer at support level 1310-1308 or above 1314.50-1316 level. If we break the highs i will wait for value to form above the highs and look for a retest to get long at. Over all we are balancing in a range and i will look to play the extremes. We have strong support at the 1310-1308 level and i expect buyers to still be active there.
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