News: No News out today
Daily chart notes: Same old situation. Big daily wedge and ES grinding higher.
MP Notes: ES closed in the upper part of value yesterday on a P shape day. We had breaking value yesterday and we need to monitor for continued vertical development. Globex has formed value in the upper part of yesterdays range giving us a neutral to bullish macro structure.
Trade plan: As of yesterday ES is starting is starting to show signs of vertical development and we need to monitor for continuation of this. We broke out of the weeks range and consolidated at the highs and globex has consolidated in yesterdays upper value area giving us a neutral to bullish macro structure. The expectation for today is for Es to trade higher into resistance and look for sellers. We have 1340.50-1342.50 level above and we should see a test of this area giving us a rotation to play to the down side. Without any news out today i expect ES to balance in a range most of the day giving little opps to trade. Buyers are still in control and need ES to stay above 1336-1334.50 level to stay in control. If we break down below that we could see ES trade back down to 1325.75-1327.75 level and then 1322.25 which is the lower part of the range that has recently developed.
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