Blogger was down this morning so posting this late
News: Consumer price index @ 8:30AM, Consumer sentiment @10AM
Trade plan and Price action analysis: (Price action) So yesterdays price action was bullish as we were close to the bottom of the recent balance area. We have been trading in a balance area and have been rotating up and down. We are likely to break out of this area sooner or later, it's just a matter of time. (Globex) In the overnight session we have put in a pretty big range of almost 10 points. We rotated down to the 1343 cvpoc level and bounced up into the 1351-1353 level and have since traded down from there. We have CPI and consumer sentiment out today and this could give us a reason to see some action.
(Trade plan) We are in a ranging type market on the higher time frame and the market is just rotating up and down within that area. Yesterday the market shot up but value was stilled formed in the bigger value area not making any real progress. I'm still in the bullish camp and will be looking to be a buyer at support and also a seller at resistance. Globex formed value higher up on yesterday so over night sentiment is bullish. We have 1343 balance area vpoc and if we remain above that we could see higher prices up into the extremes of the bigger range. If we take out the globex highs i have strong resistance at 1356-1358 area and expect sellers to be active there on first test. If we break below the 1343 area we could see another fast move lower down into support areas below. I expect selling to shut off by 1327 area if we get there but that will be an extreme. The past few Fridays have been pretty slow so I'm expecting a move in the morning and then the market to shut off later in the day.
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