Pre market analysis 3-22-11 Tuesday

News: No notable news out today

Daily chart notes: The market has recently been putting in a bounce the past few sessions and volume has been noticeably weaker. We have started a down trend and i need to monitor this bounce to see how it unfolds. We are approaching the 61% retrace of the move down at 1300s area so i will watch for sellers to be active again there.

30 Min chart notes: We have recently been in a down trend on the 30 min and now have started trending higher. Sellers could take over at any time so i will watch for them at support areas.

MP Notes: Yesterday appeared to be a short covering type of day and globex has balanced over night. We are at the top of the recent balance area and last week's highs and can expect responsive sellers to be active around here.

Trade plan: ES has been trading back and forth on the daily time frame not really giving any clues as to which direction it wants to go in. I can see a recent balance are forming around 1298 to 1242 area. If this is the case i can see ES trade back down to retest the lows of the balance area and we can see responsive sellers active up here. Over the past few days ES has been moving in an uptrend so looking for support to hold.

Didn't have time to finish Pre market analysis today...

End of day Review 3-15-11 Tuesday

The market open and responsive buyers were active off the open. there were a few nice pullbacks along the way to join the move but for some reason i scratched my long. Mostly due to the uncertainty of what could happen. ES moved higher throughout the day and chopped a little it ahead of the FOMC at 2:15 pm. Buyers came in any chance they could and pushed ES to new highs on the day. I was waiting for a reversal at some point but it never came and i sat bored mostly all day. What else is new lol. Levels traded well today im happy with them. Need to focus more on reading the open of the market i should have tried longs more aggressively instead of waiting for a reversal. Read what the market is telling me don't make assumptions based off of what i think will happen. That's all folks ...

Pre Market Analysis 3-15-11 Tuesday

News: Empire state Mfg Survey @ 8:30AM, Housing market index @ 10AM, FOMC announcement @ 2:15PM

Daily chart notes:  Es has traded down to the 1254 area in the overnight session. So we will have a big gap down to deal with today. We are in a confirmed downtrend and i will be monitoring the bounces for strength.

30 Min Chart notes: The 30 min chart has been in a down trend and Fridays action seemed to be a pullback in the down trend. We have a massive selloff in globex session and this confirms we are in a down trend. I will monitor for weak bounces.

Trade plan: yesterday ES traded around the key support level chopping it all up. So i assumed we were going to have a range extension. We closed back up into the range by the end of the day erasing most of the day's losses. In globex we have had a massive move lower (40 +/- points) due to the Nuclear uncertainty in Japan. Its hard to say if we keep moving lower or not because this is a news driven event. We could snap back up at the open. We have FOMC out today later in the afternoon. So i usually would expect choppy price action leading up to that. But in light of globex action i really don't know what to expect today. What i do know is that ES was starting a new down trend and has sold off down to strong support at 1252-1254 so i will have to see if this area holds or not. If this area holds then i will be looking for selling opps around the resistance areas above as we start to put in a bounce. If we do break lower i will be looking for long opps after we have found some exhaustion selling and start to chop for a bit. So i will stay patient and wait for the open to see how the market reacts to the news.

Pre Market analysis 3-8-11 Tuesday

News: No news out today

Daily chart notes: The daily chart is forming a triangle and staying within the balance area.

MP Notes: The profile is showing we are in a big balance area between 1343-12920 areas. The trend lines are compressing price and not allowing the market to reach the value low and highs. We are currently in the middle part of the balance area. Market closed in the middle of value formed yesterday and globex has formed value slightly higher giving us a neutral macro.

Trade plan: With ES moving back and forth in the middle of the balance area it is hard to gauge the next move. I will play defense and wait for the market to move to the extremes of the balance area. Im looking for ES to trade lower today and reach the trend line or the bottom of the balance area. Im expecting 1297-1299 to hold and buyers to be active there. We also have 1301-1303 area where i expect buyers at also. In the case we go higher we have 1325-1327 area and 1334-1336 were i expect sellers to be active as well.

Pre Market Analysis 3-1-11 Tuesday

News: Bank of Canada announcement @ 9:00 AM, ISM Mfg Index @ 10AM, Construction spending @ 10AM

Daily chart Notes: ES has been trading higher and building acceptance higher up as well. We are at a possible turning point here and could see ES trade back down to a support level or make it back up to the top of the recent range. We should still view the recent action as a pull back in an uptrend and need to be careful of continuation to the upside. We have broken the 61.8 % retrace from the move down and it looks like it wants to go higher.

MP Notes: Sunday Monday and last night globex has been putting value higher up. We have a P shape structure on yesterday's session and globex has been forming value higher up on yesterdays value giving us a bullish macro structure. So i will be looking for opps to get long.

Trade plan: With value forming higher i will be looking for opps to get long. I will wait for pull backs into support to join the buying back up into the top of the range. If we move back up to globex highs i will be looking for shorting opps. We have support at 1328.75-1330 and then 1326-1327 if we break those areas to the down side i will be looking at 1319-1320 as a strong area of support below that would be a red flag and i will become less aggressive on longs and will be a seller below 1315-1317 area. Over all i will be looking for rotation at my levels and im expecting a balanced session today. We have Obama's report card out on Friday (NFP) so im expecting the market to be somewhat quite this week leading up to that release. Be patient and relax :)