News: Chicago PMI @ 9:45AM, Pending home sales@ 10 AM,
Daily Chart notes: The daily chart shows a PB in the bigger uptrend. We retraced more then half the move down and it looks like ES may be continuing the move up. I will monitor for buyers at support to continue the move higher. Unless we start to see some more selling come back into the market around this level it is likely to see ES trade back up to the highs.
MP Notes: Looking at the weekly profile ES has been moving the past week. We have recently turned back up and we are around 61.8% retrace of the move down. Looking at the profile we can start to range between 1292-1342. And looking at globex session today we are right in the middle of that range. So caution needs to be taken because we can really go in either direction. Most of the globex session put value in at Fridays session and has recently shot up to 1326-1327 level and is trading up and down there building acceptance at 1324.75.
Trade plan: ES shot up on Fridays session and spent most of the day around composite POC at 1319 area. The market is accepting higher prices and now globex has broken to the upside showing some strength in the pre market session. The plan is to look to buy pull backs into support and sell resistance at my levels. If we break below 1319-1320.50 level it would be a red flag for buyers. If 1315-1317 gives way i will be less likely to be a buyer at support because we mat test lower down to find support. Over all the market is in a tricky area and i need to be cautious in either direction. With ES opening above Fridays value we could get some buying right off the open or a gap fill.
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