News: Consumer confidence @ 10AM
Daily chart notes: The daily chart saw a little selling but no real damage to the uptrend from the lows. Something to take note of is that we hit the bigger down trend line from the highs.
Trade plan: ES has been trending higher and the sold off yesterday late in the trading session. Globex has traded back up into resistance at 1307.50 and rotated back down to the lows of yesterday at 1301.75 building acceptance at 1304.25. Globex seems to be balanced for now. We have pre market resistance at 1308.25 and a break above that will bring the initial resistance area at 1309.50-1311 level into play where we could find responsive sellers active being that it's the major CVPOC. A break above that area would be a caution for sellers and i will not so aggressive on the short side as we could get some more upside trading. I will look more for shorts around 1320-1321 area. For the down side i expect buyers to still be active at the support levels laid out below. We have pre market support at 1301.50 and initial support at 1299-1301 where i expect buyers to be active. Below that we could get a quick move down to 1295-1296 and the 1291-1293 where i still expect buyers to be active.
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