News: No news release today
Trade plan and Price action analysis: (Price action) Fridays OPEX days had a bearish tone with value establishing lower and and the heavy sell off in the afternoon. We closed at the lows and below the day's value which was a sign of the move in globex last night. Globex has traded down to th mcvpoc at 1310.00 area. We have bounced from there and need to monitor how far we rotate back up.
(Trade plan) Without any catalyst today we could get a balanced session where we just place value lower down. Although the globex session is very bearish right now and on the cusp of breaking some significant levels. It is very possible that we get a gap and go type scenario and i will be watching for this. I will be watching the open to gauge who has control and see if we are going to trade lower today or balance. Depending on the open i may not be as eager to buy support but will be looking to be a seller if support breaks or opn PBs into resistance. If we start breaking above globex highs the bulls will have taken control back and i will expect higher prices if we can hold above it.
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