A mixed bag of news this morning initiates a little selling in pre-market trading. Initial jobless claims come in higher than expected marking the first decline after six straight weeks of improvement. Continuing claims dropped significantly though that number may be slightly misleading as it likely reflects claims running out more so than people finding work.
Producer Price Index saw mixed numbers, but came in slightly better than expectations overall.
U.S. Trade gap widened by $3 Billion, much more than expected.
Overall the news this morning puts a slight negative bias on the market. On the ES, 1180-1181 continues to be resistance. Support at 1169-1171, 1164-1166, 1158-1160 and then down at the low 1150s.
Today could turn out to be a choppy day which will likely see trade down into the 1160s.
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I will likely be a buyer at 1165 and 1160, assuming we trade down there
ReplyDeleteNow we are crossing down into the 60s... I will look for a buy entry between 1164 and 1166
ReplyDeleteShort ES at 1170, looking for at least 3 points
ReplyDeleteCover ES at 1166.50 for 3.5 points. Looking for potential long entry now...
ReplyDeleteWaiting for a further push down b4 I go long. ES needs to get to at least 1165.50
ReplyDeleteLong ES 1165
ReplyDeleteSold at 1168 for 3 more points, will consider buying again on next down-tick to 1164s
ReplyDeleteLong ES again at 1165
ReplyDeleteWill not defend another break of the lows. If that happens I will be looking to buy 1160-1162
ReplyDeletescratched the 1165 trade, may get back in
ReplyDeleteLooking to get Long after we touch 1162, possibly as low as 1160
ReplyDeleteWell, the ES came to within 2 ticks of my target entry zone. I didn't end up taking a long position to catch this end of the day move. Was really an easy play. I got a little greedy perhaps trying to milk a slightly better entry. Anyway, I think you can see the day went almost exactly according to this morning's analysis. These posts ain't no slouch... I'm done for the day. I'm still practicing trading the last 30 minutes. Once I develop some working strategies for the end of day trading, I'll be posting them...
ReplyDelete