News: CPI Index @8:30AM, Jobless claims @ 8:30AM, Industrial production @ 9:15 AM, Leading indicators @ 10AM, Philadelphia Fed survey @ 10AM
Daily Chart notes: The market has been sliding down pretty hard on the back of the Japan crisis. We are in a down trend and have hit strong support. I will watch for a bounce to set up.
30 Min chart Notes: We are in a down trend on the 30 min as well and putting in nice rotation in a falling wedge type pattern.
MP notes: It looks like we have a range setting up on the profile. Globex has been trending higher most of the session. We are mid range and could retest the 1282-1285 area today. We also have a P shape on the vol profile.
Trade plan: ES sold off yesterday down to strong support around 1240-1242 area and we bounced from there showing us that the responsive buyers were active. We traded back up into the day's range and closed around 1252 area. The sellers are still in control but we are wedging lower so i will keep an eye on a bounce forming. On the profile i can see ES trading back up into resistance at 1280-1285 area were there may be responsive sellers active. Over all the sellers are in control and i will look to take short opps around the resistance levels. I may look for long setups back up into the highs of the developing balance area.
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