Durable Goods Orders exceeded expectations by 1.5%, but excluding transportation (which saw a big growth in airplane orders), orders fell by .8%. This could be considered negative overall and right now the market is set to open lower as we threaten to break down below the 1173-1175 support on the ES.
There is more support below at: 1169-1170 and at 1163-1165. I will be looking to buy the market if we trade down to either of these support levels.
Resistance above at 1179-1181. If we don't break down further this morning and the ES confirms back above 1179, we should trade as high as 1190.
As usual, I will post in the comments here if I enter any trades at the levels mentioned...
Subscribe to:
Post Comments (Atom)
Long ES 1169.50
ReplyDeleteI will hold this trade. In the event that we tick down further, I will add to the position as the ES should not trade lower than 1165
ReplyDeleteIf you trade multiple contracts, you should consider taking some profits here at 1172.
ReplyDeleteTarget on this trade is 1175. At this point, I will consider exiting the trade if it ticks back below my entry
ReplyDeleteStill Holding Position
ReplyDeleteSold ES at 1171.50 to grab 2 point profit as there is a good chance that the ES trades back down again. I will be looking to buy back in again when it does.
ReplyDeleteWe are now approaching my would have been target on the ES. There is a good short opportunity in this area. I will be looking to take a short scalp in the 1173.50 - 1175 range
ReplyDelete