Was busy with work again. Not sure how long this is going to go on.
News: Housing market index @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday ES gaped up and traded higher off the open. Buyers are stepping into this market recently. Globex has traded lower in the overnight session showing that the sellers are still active. We have established value below yesterday value area in the overnight session giving us a bearish macro structure so far. We are at the top of a balance area that started on 6/6 and it is possible that we get responsive sellers up here for a push back down to the lower balance area.
(Trade plan) The plan is to watch the open today to see who is taking control of the market. I’m expecting a balanced session today although we have the possibility of responsive sellers being active up here for a push back to the 1268 area. There is one news release out after the open that could provide some movement if it is way out of line so i will be watching that at 10AM. Over all i will be looking for opps at the S/R zones depending on the open. And i will be looking out for responsive sellers to be active up around the 1288 and the 1291-1293 area.
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