News: Empire state mfg. @ 8:30AM. Treasury international capital @ 9AM, Housing market index @10AM
Trade plan and Price action analysis: (Price action) Friday was a selling day with value established lower from the previous day. We still managed to balance in the same area though. Globex placed value lower down on Fridays session giving us a bearish tone to the sentiment.
(Trade plan) With the bearish tone on the market and a bearish reaction to the econ release we could get a break lower out of the balance area. Were at the bottom of the balance are so i will be cautious trying to sell down here. Depending on the market's reaction on the open and the econ release i will determine if i want to get long down here. This area is where one should expect to see responsive buyers getting active for a move back up into value. Over all i will be looking to be a buyer at support and a seller at resistance areas on my chart. But will be cautious of a break below the 1327 level also globex lows. A break and hold below that could mean that we see lower prices over the next few days. If we bounce from there then we could trade back up into the range.
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