News: Durable goods @ 8:30AM, Jobless claims @ 8:30AM
Daily chart notes: ES has been putting in a pretty good bounce and we could see higher prices above 1300 area
30 Min chart notes: ES is still in a uptrend type move from the lows established last week. We have a H&S pattern forming and this will be monitored for follow through.
MP notes: MP shows a big balance area from a few weeks ago and lower value established from last week. We have been recently establishing value higher and above 1300 would likely see higher prices in ES as this would negate the recent balance areas scenario that i talked about yesterday. So being where we are today responsive sellers could step in or buyers could keep control and push ES to new highs.
Trade plan: ES bottomed last week and has been putting in a bounce that showed pretty good strength yesterday. I can see the 1300 area as the line in the sand for ES and above that could see higher prices below that sellers could regain control. Buyers are in control short term and sellers on the intermediate term. Above 1300 the buyers remain in control and will start to take full control of the market once again which could lead to new highs on the year. The market is in a tricky area right now and could go in either direction. There are no catalyst out after the open and it looks like ES is gonna open above value so we can see responsive sellers active.
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