News: Retail sales @ 8:30AM, Business Inventories @ 10AM, Beige book @ 2PM
Trade plan: Yesterday saw ES trade down to the 1304-1306 area CLVN and bounced there. It seems we have put in a short term bottom at that price. Globex has been trending higher all night showing that the buyers are coming back into the market. At this point im looking to buy pull backs into support areas. I have support at 1314.25-1315.75 and i expect buyers to be active there if they are to stay in control. If we start to trade back into yesterdays range then the CVPOC will come back into play although im not looking to use that area as a level for longs. I will use the 1307.50-1309.00 level to get long from which is also globex lows. In case we break below them areas i expect the 1305.25-1306.50 level to hold as i believe buyers will be active there. For shorts i will be looking at the 1319.50-1321.00 area as this is the lower balance area of the recent range a break above that will confirm buyers in control and i will only be looking for small rotations at the resistance areas above unless we get really extended above recent value.
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