News: Housing starts @ 8:30AM, Producer price index @ 8:30AM
Daily chart notes: The market is still in a down trend and bounced off of the 50% retrace level from the beginning of the last move up on 12-1-10.
30 Min chart notes: The 30 min chart still is in a down trend and needs to be monitored for follow through in either direction.
Mp Notes: The profile has been building value lower down. Globex has stayed inside of yesterday value area giving me no real indication of a change in sentiment.
Trade plan: ES traded higher yesterday after being down 40 points before cash open. we managed to regain alot of ground lost. Its hard to say what i think could happen we are still in an down trend and that could be just a pullback in the down trend. Im going to wait for the market to open to get an idea of what to expect today. Only a few news release out today so not expecting much from them.
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