New Highs or No New Highs?

In the overnight session, the S&P Futures climbed up to 1209.50 essentially retesting the market highs from last week (so the end of day trade setup I mentioned in yesterday's video played out) and has since traded back down to support at 1201.75. Earnings continue to be stellar and there is no reason to think we are anything but bullish. 1201.75 is great support so if you are looking for a long position, 1202 to 1203 would be a good spot to enter in on the ES. I expect the highs of 1210 will be retested today, so that could be a good target. Potential Range to the upside on the ES would be a high of 1211.25-1213.75. If we get a a big buy surge, I would see a maximum high on the day at 1216.50. I will look for short entries assuming we make it that high. Potential range to the downside would be 1193.50. Really negative momentum could see downward price action to 1185. These ranges are just guidelines and not predictions. I am biased to the long side based on the market. The key will be to see if we break out above 1210.50