News: ADP Employment report @8:15AM, Challenger job cut report @ 7:30AM, MBA purchase applications@ 7:00AM, Nothing substantial after the open.
Daily chart notes: ES has broken out of the recent balance area of 1296-1267.50 and closed near the highs of the day making new highs on the year.
MP notes: ES had a big up day yesterday breaking the value established over the last few weeks. ES managed to close above the recent value area and within the value established on the day. With globex session trading in the same value area of yesterday. That gives us a bullish to neutral macro structure. We also have a bullish weekly IB so I'm expecting support to hold and looking for a move higher to search for more sellers. We could get another 16 point move to the upside which is half the weekly IB range.
Trade Plan: Im expecting ES to balance for the day with no meaningful catalyst out today. We have a breaking of value type scenario with 1298 as the top of the previous value area. So i will be looking for a retest of this area for longs and also for a swing trade. For the swing trade i need to see ES build value here for 1 day then look for the retest to get long and hold for a few days. On the short side if ES forms a range i will look to sell the top and buy the bottom.
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