News: jobless claims @ 8:30AM, Philly fed survey @ 10AM, Existing home sales @ 10AM, Leading indicators @ 10AM.
Trade plan and Price action analysis: (Price action) Yesterday we trended higher back into the balance area from the past few weeks. So the recent push lower is a range extension of the same balance area. Buyers were in full control yesterday and are still in control in the globex session. ES traded down to the 1334-1335 level last night where buyers were active and they pushed up into the 1343-1345 area where we are currently pulling back from. We do have another bullish macro set up where globex value is established higher on the previous days value area. There are a few econ release today that could give a catalyst for a move in either direction.
(Trade plan) Being that we are back in the bigger balance area and bulls are in control my expectation is for higher prices. But it depends on the market's reaction to the news releases out at 8:30 and 10AM. Im expecting support to be bought today and i will be cautious on selling resistance areas. I will only be looking to take shorts for smaller rotations because the rend short term is up but we can still get rotation down. Im not expecting another trend day today but we should move higher and value should establish higher as well. Key areas are the globex highs and the 1348-1350 level above it. I will wait for the open to see who is in control.
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