On lower than expected GDP growth in Germany and France coupled with fears in the Chinese market that the Chinese Central Bank would raise interest rates again, markets sold off. European markets, however, have recovered from early loses.
S&P 500 futures have traded an average daily range in just the overnight session selling off significantly in concert with world markets. The ES traded down through 1200 and as low as 1193, but has also recovered and is currently down only 0.6%.
Market continues to look weak. I still like shorting the up-ticks and expect price on the ES to trade below 1200 again in today's session.
Levels to watch today (ES) are:
Resistance above at: 1206.50-1207.50, 1212.50-1213.50, 1216-1217
Support below at: 1201-1202, 1198-1199, 1196-1196, 1192-1193
I like long positions in the low to mid 1190s
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Short ES at 1208
ReplyDeleteTarget on this trade is 1203-1203.50
ReplyDeleteCover at 1203.50 for 4.5 points
ReplyDeleteLong ES 1198.75
ReplyDeleteTarget on this trade is 1202
ReplyDeleteScratch this trade at Break Even... Taking too long, most likely a chance to buy in at a lower price
ReplyDeleteThis trade would have worked, however, it is best to avoid losses rather than worry about a missed opportunity. There will be plenty more opportunities...
ReplyDeleteWill be looking to get long 1192-1194
ReplyDeleteNo trade yet... watching... waiting... looking... getting ready...
ReplyDeleteLong ES 1193, Will not defend this position...
ReplyDeleteThere is still a good chance that the lows are tested again, but low 1190s should hold today.
ReplyDeleteTarget on this long is 1197. Will then look for a re-test of the lows to get long again...
ReplyDeleteSell ES at 1197 for another 4 points. Will buy back in on the down-tick...
ReplyDelete