In the overnight session, the ES has already traded up an average daily range and is now hitting some solid resistance at the top of the 12 day trading range between 1170 and 1200. I couldn't argue with taking a short entry anywhere between 1196 and 1200. The best bet would probably be to wait till market open and see if we get a little buying surge upward to open trading. That would be a good opportunity to start your entry by fading that move. Even if the trade goes against you, the probability is extremely high that it will come back down to let you get out for break-even at the very least. If the short works out, it should be good for anywhere between 10-15 points; potential target is 1083 (ES). Be careful defending any shorts above 1200...
Keep in mind, that although the current action feels very bullish, we are still stuck in the 1170-1200 range on the ES until we get consecutive daily closes back above the 1200 price point and again beyond the 1207 April highs. Until that happens, I continue to expect a lower low down below 1160...
Levels to watch today on the ES:
Resistance above at 1197-1199, 1205-1207
Support below at 1192, 1187-1188, 1181-1183,
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Short ES at 1202.25
ReplyDeleteLooking for 10 points on this trade. I will not defend this trade above 1203
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