Market relatively strong after positive retail sales data and an increase in PPI (though the increase in PPI was mainly due to a rise in gasoline prices). The only real negative news this morning, which resulted in some selling early, was Best Buy (BBY) missing on earnings expectations.
The level I'll be watching this morning is 1230 on the ES. I expect support to hold and I will be a buyer in the 1230 to 1233 range. However, if 1230 doesn't hold, that will change my outlook. I will not defend a long entry below 1230. What I do expect is a move to retest the highs and most likely a pierce to a new high. I will short the first sign of resistance after making a new high. 1243 on the ES looks like a good resistance (short entry) level as of now.
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FOMC announcement came in as expected followed by minor trading volatility. ES made a new high by 1 tick, but I missed the opportunity to get short. I was waiting for a slightly higher high.
ReplyDeleteShort ES 1239.25
ReplyDeleteWon't defend this short above 1240.25. Looking for 2 or 3 points on this trade
ReplyDeleteCover ES at 1236.25 for 3 points
ReplyDeleteStill looking to get long between 1230 and 1233 if ES trades down there...
ReplyDeleteI missed another trade entry there as the ES pierced 1 tick below 1233. It has since rallied back up 4 points. I left a lot on the table today, but in the end, can't complain.
ReplyDelete