News: Consumer Price Index @ 8:30AM, Jobless claims @8:30AM, Leading indicators @10AM, Philly fed survey @ 10AM
Daily chart Notes: What can i say the picture is still the same. We grind higher on low volume. We are still in thi8s rising wedge pattern and the weeks range is only 12 points. How much worse can it get...
MP Chart Notes: ES closed in value yesterday and at the top of the weekly range. Globex is in a tight balanced area and inside yesterdays value area. giving us a neutral macro and no real bias going into today.
Trade plan: Today's trade plan is to wait for the market to move out of this area for the most part. I fell as if we are going to rotate back to the lows of the weekly range. Today should be the day for the wedge to play out which might give us the rotation back to the lows. So what i see in the context is that buyers are in control (what else is new) and need to stay above 1325-1327 to keep control. A break below 1330.50-1331.50 would be an early sign of weakness. And if we break and hold below 1325-1327 will be a heads up of the sellers possibly taking control. We have a few reports out today at 10AM so we could balance leading up to the release and i will decide what i want to do after seeing the market reaction. Over all im still a buyer of support and i will concentrate on the long side around 1321-1323 a break below that and i will look at 1314-1316
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