News: New home sales @ 10AM
Trade plan: That was a nice long weekend. I really enjoyed getting away from the markets for a few days. ES shot up last week and consolidated the past few sessions. We are at the top of the bigger balance area and could expect responsive buyers to be active up here. I have a resistance level at 1334-1335.50 which is where globex highs made it to before ticking off a little bit. With only new home sales out today at 10 AM we may just balance before and after the release with a small reaction on the release. The reason is i believe that the housing market data is not on the forefront right now. If the numbers are really out of whack then we may get a bit more of a reaction. Over all i will be concentrating on buying support and selling resistance areas. Depending on the action i will be more inclined to get short up here and play as a responsive seller at the top of this range.
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