News: No notable news release out today
Daily chart notes: ES is still moving higher making new highs on the year yesterday. With ES extended so far up I will begin to fell less confident on the long side as im expecting a pullback to start to develop. The trend is still up but i will be more cautious on buying the pullbacks into support. We are also breaking the rising wedge pattern on the 200 minute chart so need to keep that in my mind for development.
MP Notes: ES has been building value higher up but the last few sessions have been going sideways. We have a neutral weekly IB so expecting the extremes to hold. ES closed at the top of value on yesterday's session and globex session has put value in the same area as yesterday's session giving us a neutral macro structure.
Trade plan: Im expecting a balanced session once again without any catalyst out today. ES has been going sideways the past few sessions and we have a neutral weekly IB along with a neutral macro structure. With ES extended so far up i will become less confident of support holding because we could see a pullback in the daily uptrend that could see ES trade down to stronger support. The 200 minute chart rising wedge has broken in the globex session and this needs to be monitored for follow through. The daily chart is still in an uptrend so any selling could be viewed as a pullback in an uptrend and will more than likely be bought. So if ES sells down i will be looking for opps to get long around support areas on the 30 min chart. The first level is the 1313-1314 area. I will be cautious around here because of a possible pullback on the daily and will be looking for selling to shut off by 1304-1306 area. On the upside i will be looking for responsive sellers above value high at 1320-1322 area but will also be cautious here because of a possible continuation in the move up. We also have 1329-1331 resistance above that i expect the buying to shut off at. Over all be patient and wait for the market to set up the range and go from there.
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