News: Bank of Canada announcement @ 9:00 AM, ISM Mfg Index @ 10AM, Construction spending @ 10AM
Daily chart Notes: ES has been trading higher and building acceptance higher up as well. We are at a possible turning point here and could see ES trade back down to a support level or make it back up to the top of the recent range. We should still view the recent action as a pull back in an uptrend and need to be careful of continuation to the upside. We have broken the 61.8 % retrace from the move down and it looks like it wants to go higher.
MP Notes: Sunday Monday and last night globex has been putting value higher up. We have a P shape structure on yesterday's session and globex has been forming value higher up on yesterdays value giving us a bullish macro structure. So i will be looking for opps to get long.
Trade plan: With value forming higher i will be looking for opps to get long. I will wait for pull backs into support to join the buying back up into the top of the range. If we move back up to globex highs i will be looking for shorting opps. We have support at 1328.75-1330 and then 1326-1327 if we break those areas to the down side i will be looking at 1319-1320 as a strong area of support below that would be a red flag and i will become less aggressive on longs and will be a seller below 1315-1317 area. Over all i will be looking for rotation at my levels and im expecting a balanced session today. We have Obama's report card out on Friday (NFP) so im expecting the market to be somewhat quite this week leading up to that release. Be patient and relax :)
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