Market continues to consolidate since yesterday's gap up. Low level of range is 1110-1112 and high level of range is at 1119-1120. I will look to buy the bottom of the range, however, if the ES breaks below 1110, watch for the possibility of trading back to Friday's close around 1103-1106. Assuming support comes in at that level, I would be a buyer there.
If 1110-1112 holds, I will look to carry any longs up to the top of the range and would expect new highs up to 1123-1125. Expect the probability of making gradual new highs as the market may just inch up rather than get any surging moves to the upside. Note additional resistance higher at 1130, 1135.
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1110 support being tested now. If you are long, be careful of the algos trying to make slightly lower lows in an effort to get the longs out of their trades and encourage shorts to anticipate further breakdown.
ReplyDeleteNow we have broken to slight new highs as anticipated. Waiting now to see if the market fails here to get to 1121. If so, I will go short for a retrace back to 1117 or so...
ReplyDeleteShort at 1120.50
ReplyDeleteJust looking for 2 or 3 points here and then I will be looking to flip and go long with anticipation of trading to 1125
ReplyDeleteCovered Short at 1102.75 after another new high was made. I will look to buy the down-tick to 1117s rather than risk holding a short. Market too strong.
ReplyDeleteI meant that I covered the short at 1120.75, not 1102
ReplyDelete