no time to post this morning
News: Consumer confidence @ 10AM
Trade plan and Price action analysis: (Price action) Yesterdays action saw ES trade in a trending fashion back up. We retested the highs at 1279s of the past few days and found sellers there. Globex has traded back up to the 1279s area and that level capped the upside. We traded down to the VPOC area at 1272.50 of yesterday's session and the has shut of the selling for now. Value is established in the upper half of yesterdays value so this show the buyers still have control. The market is trying to find a direction to go in as we are stuck in a range that keeps getting tighter. Eventually the market will break out as balanced areas always lead to imbalanced moves. The question is which way will it break?
(Trade plan) Globex was capped by the 1279 area above and traded down to the 1272.50 VPOC of yesterday profile which has shut off the selling for now. We have consumer confidence out at 10AM and the market may balance heading into that release. The buyers are in control for now and i will use the 1269-1270.50 level as my line in the sand short term. If we start breaking below that it would show the sellers are stepping back in and may take control again. If we break above the 1279s and globex highs area it would tell me that the buyers are still in control and we will likely move higher. Over all like i said this area is tricky as the market works out what it wants to do. So i will mostly sit on my hands and will only take solid set ups.
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