News: Jobless claims @ 8:30AM, Productivity and cost @ 8:30AM, And Factory orders @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday saw ES sell off pretty hard catching alot of people off guard. We sold off back to the 1313cvpoc and closed there. Vpoc shifted all the way down to 1313.25 and we could see more down side in the coming days/weeks. Globex has mostly balanced all night with an upside bias.
(Trade plan) After yesterdays big move lower I'm expecting a balanced session today. Usually after a big move the market will consolidate as it accepts the new prices it is at. Globex has placed value at the lower end of yesterdays profile show that the sentiment is still bearish. So today i will watch the open and gauge the participation of the market and go from there. Over all i will be looking to sell at resistance as i expect sellers to be active at any resistance areas. And because I'm expecting a balanced session i will be looking for longs at support but will be cautious on the long side.
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