The S&P 500 Futures (ES) traded up to 1224, two ticks off the Friday highs. The ES has already traded in a larger range overnight than we saw in the entire previous 24 hour session. NASDAQ continues its strength as the futures traded to new highs overnight. European markets are trading higher as well as the German DAX is at a new 2 year high.
Given the apparent strength this morning, it is likely that we make another run at the market highs. I will continue to look for short opportunities on the ES between 1224 and 1226. There should be a minimum of a couple of points of profits from those levels. Even if the ES makes another run higher, I will continue to look for short entries as soon as buying meets more resistance. Just keep in mind that a daily close above 1226 on the ES would be very bullish and I would exit any shorts in that case. I don't expect that to happen this week.
Levels to watch on the ES today:
Resistance at 1224-1226.
Support at 1219-1220, 1214-1215. If 1214-1215 does not hold, there is more support underneath at 1210-1212.
I will continue to try and time a swing short entry to catch a move back down below 1200 on the ES. I will post my thoughts as I get a better idea of the timing of this move. I am a buyer in the mid 1190s
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Short ES at 1223.75
ReplyDeleteThe new 1 tick high (ES) that we saw today could be a short term high that will be followed by a down move below 1200, but it is still too early to tell. Target on this trade is 1216
ReplyDeleteMissed my target on the last move down by only 3 ticks. Moving my target to 1215
ReplyDeleteCovered at 1215 for 8.75 points
ReplyDeleteLong ES at 1213, looking for 2 or 3 points here
ReplyDeleteSell at 1216 for 3 points
ReplyDelete