Market trading back up towards the Wednesday highs with the ES touching 1180 in pre-market action. Retail Sales came in slightly higher than expected which was more good news on top of solid earnings results. CPI inflation was unchanged for the second month in a row at .1% which was below estimates of .2%. Certainly no signs of inflation yet as US debt looms. Bernanke spoke earlier this morning as well suggesting that the Fed has no plans, yet, to do more quantitative easing, meaning they have no immediate plans to print more money to inject into the economy, but he did not rule out the possibility of doing so if need be in the future. That news could put a damper on the current upward momentum.
Resistance (ES) above at 1179-1181, 1189-1091, 1197-1199.
I will consider entering into a scale-in swing short position if we trade into the 1190s
Like yesterday, support (ES) Below at 1169-1171, 1164-1166, 1158-1160
Neutral bias today as I expect choppy markets. New highs possible, but I would look to short-scalp any new highs.
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As we trade down to gap fill at 1170.50 on the ES, I will be considering long scalps anywhere from 1168 to 1171.
ReplyDeleteThat was fast, missed the entry as ES quickly made 1 tick below gap fill to 1170.25 and quickly traded up 2.5 points and counting
ReplyDeleteLong ES 1168.50
ReplyDeleteLooking for at least 4 points on this trade
ReplyDeleteScratch this trade for no gain now that we ticked lower again
ReplyDeleteLooks like we will see the 1160-1162 that I was looking for yesterday, still will consider longs there
ReplyDelete