News: Housing starts @ 8:30AM
Trade plan: ES had a big move down yesterday and regained all of the RTH losses. We traded down to 50% retrace of the bigger rally and found buyers there. Globex has pretty much put value in the same area as yesterdays value not giving me to much of a bias. So i will be neutral to bearish on the day looking to be a seller at resistance and a buyer at support. Also with the lack of catalyst out for the day we may just balance in the globex range and yesterdays range for the day baring any earnings reports before the open that may move the market. At the 1304.50-1306.50 level im expecting sellers to be active as that would be testing the lower value area of recent range. Also at the 1309-1311 level. A break above that would be a red flag to sellers and i will not be looking for shorts above that area.
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