Today I didnt have any time to post my Pre market analysis. so here it is now at 9 PM lol the end of day review will follow.
News: ISM Mfg Index @ 10AM, Construction spending @ 10 AM
Trade plan: ES has been moving up pretty aggressively the past few days/weeks. The focus this week will be on the Friday employment situation figure release at 8:30 AM. Im expecting some range bound trade to take place over the next few days and possibly a break in either direction after that. Globex has been trading higher due to the killing of Osama bin laden. Im sure my brother will be very happy with this news as he is the military. Whenever there is news events like this it hard to gauge what will happen on the open. The market will either rally on the news which i can't really see why. Or it will sell off and move lower to where the real buyers are in the market. Either way i will wait to see how the open sets up before trading. I don't have any levels in the globex area because the data goes back to far. I will have to learn how to load my charts and find my own levels in situations like this so i don't have to depend on someone else to get it for me.
Bull scenarios
I’m bullish above the 1353 area if we break below that we could see further liquidation down to 1340-1342 level. I’m expecting the market to range first before moving lower to test areas below. Eventually i expect the 1338 level to be tested before moving higher. Im expecting a bounce at 1354.50-1355.50 if this levels breaks i have level at 1349.50-1351.00 and i expect buyers there as well. I am going to be more cautious there for longs. If these areas start to break then the short term control will have shifted to the bears.
Bear scenarios
For selling I’m not looking at anything really unless something sets up intraday. The bulls are in full control of this market. If the day sets up balance then i will be looking for shorts at resistance areas otherwise my focus will be on the long side.
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