News: housing starts @ 8:30AM, jobless claims @ 8:30AM, Philly fed survey @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday saw ES sell off to the lower end of the balance area we have recently been in. We broke lower and consolidated at the bottom of the range. Responsive buyers were active below the range and we held this area throughout the rest of the session and into globex as well. Globex has placed value in the same area as the majority of the value was placed in yesterday's session. Buyers are active at the 1256 area for now. The weekly IB was bullish but i have turned to neutral due to the big sell off yesterday. The macro structure is bearish with globex value placed at the lower end of the previous day's session. We have news releases out at 8:30 AM that could give ES a move in either direction so i will wait fro them to hit the market and see the reaction before finalizing my analysis for the day.
(Trade plan) The plan is to wait for the econ release to hit the market at 8:30 and 10AM then go from there. We are at the lower end of the balance area we are in and the expectation is for responsive buyers to be active here. So i will be looking for support to hold and will look for longs back up into the range. In the case we break down below support levels on my chart i will be looking to join the selling and will look for the buyers at 1243-1245 area and possibly lower if the selling is strong.
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