What Today's Action Means to Me

I am biased to the long side after today's steady climb upwards since this morning's gap down. The gap down was just below solid support at 1055 on the ES. The reactionary buying off those lows are what lead me to take a bullish stance going forward. That doesn't mean enter long position right now. We are overbought for the moment. What I will wait for before I take any new long positions, is a retest back to the 1070 to 1075 range. I will be looking to get long in that range with anticipation of getting back above 1100 on the ES. We bounced off a solid resistance level in the GLOBEX session at 1085 after Apple earnings pushed the market higher. I do think we will eventually break through the 1085 mark, but I'll wait for the lower range 1070 to 1075 before I look to get long.