Futures trading up this morning and key resistance on the ES remains at 1089-1092. I'll be watching that range closely as a close above it will force me to reconsider my bearish bias. I am a seller all the way up to 1092.
Housing starts and PPI announced at 8:30am EST and Industrial Production at 9:15am. A weaker than expected housing number could push the markets down. We'll see if the market responds. I am currently short the ES at 1084.50. I will exit this position if news is overwhelmingly positive. I will however look to get short again when the market finds resistance. As I said, I will not change my negative bias until we confirm a move above 1092.
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Housing numbers lower than expectations. This makes me more confident to hold my short positions
ReplyDeleteCovered my Short from 1084.50. Don't like the market action. Still looking to get short again, but waiting. Market feels like it wants to move higher...
ReplyDeletePut my short back on at 1085, Doesn't appear that the market wants to buy the high area of the 3 day range. Must be careful... If buying does come in above 1087-1089, we could see short covering excel the market upwards
ReplyDeleteOk covered again. Market can't find direction. I'm going into scalp mode. Will try and build up a cushion so that I can put on a short and buy myself a nice stop
ReplyDelete