News: Housing starts @ 8:30AM, Industrial production @ 9:15AM
Trade plan and Price action analysis: (Price action) Yesterday saw ES trade lower with vpoc established lower on the session compared to Fridays. Value shifted a little bit lower giving us a bearish tone to the market. We are still inside of the balance area but we are at the lower extremes of it. The market is sitting at an area where it is very vulnerable to a sell off. Globex established value lower down as well so we have bearish sentiment heading into the days trading.
(Trade plan) The plan today is to watch the open and let the day set up to gauge the control. If buyers step in down here we could see higher prices and in which case i will be looking for longs at my support levels. In the case of a bearish move I will not be looking for longs until we get down around 1313-1315 or the cvpoc at 1309-1311 area.
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