News: Business inventories @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday balanced in a range and placed value in the same area as Fridays trade. We had one interesting development happen though. ES sold off and tried to break the lows of the previous day balance area and the market quickly rejected that push down and responsive buyers were active below and pushed ES back into the balance area. We were left with a P shape profile which is indicative of short covering. Globex has traded higher in the overnight session showing that buyers are in control for now. Globex has a P shape profile again and value is establishing above the previous 2 day balance area.
(Trade plan) With buyers stepping into the market my focus will be on the long side at support areas. The market is due for some kind of a bounce and i see signs of support holding. We have business inventories out at 10AM and could see some reaction at that time. We also have a few econ release out before the open that could give some movement also.
No comments:
Post a Comment