News: No news release out today.
Trade plan and Price action analysis: (Price action) Friday was OPEX and we established value in the lower end of the recent balance area but higher on the past few sessions. Globex has placed value lower down on the fridays session giving a bearish tone to the market this morning. The globex profile is b shaped telling me that the majority of the market likes the lower prices.
(Trade plan) With no news catalyst out today and tomorrow the FOMC meeting begins i am expecting a balanced session to take place. We are in a balance area from 1252.50-1294 area and currently the market is trading at 1258. We area at the bottom of the balance area and the expectation is for responsive buyers to be active down here. With globex lower value i will be cautiously looking for longs at the lows and will be expecting a possible break down. If we do break down then i will look for opps to sell resistance. In the case be move higher the market would need to get above the globex highs level in order for me to look at long opps more aggressively. If ES can manage to trade above and hold the 1262 area i will be expecting higher prices and a break and hold above the globex highs will tell me that the market wants higher prices.
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