News: No notable releases out today
Daily chart Notes: ES is still in an uptrend and showing no signs of changing any time soon. We have broken the previous range highs and have made new highs on the year yesterday. So the trend remains up.
MP Notes: We had a big week last week and ES should start ranging which is yet to be established. Sunday globex saw ES put value higher up and Monday followed through to the upside establishing value at new highs of the year. Last night globex has put value in the same area as yesterdays sessions. We have a neutral macro at the moment and I'm expecting a range bound session to set up today.
Trade plan: My bias in ES is bullish because we buyers have been in control for a little while now. The trend is up and no since in fighting it. So i will be looking for opportunities to buy pullbacks into support levels laid out on my 30 min chart. With the lack of catalyst out today i will be expecting a balanced session and will look to play at the extremes. In the case that ES trades lower i will be looking for long trades back into target areas above. The first level of support is globex lows around 1313-1314 and i will see what happens around there. Then below that is 1304-1306 area which is strong support and i expect buyers to be active there on first test of that area. In the case of some more buying coming into ES i will wait to see signs of the buying to exhausting at the highs of the year before i take any shorts down into target areas. 1321-1323 is resistance above high of day yesterday and globex high and this would be a great area for sellers to step in and try to push ES down into support. Also worth noting is volume has been really light up here making new highs.
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