Short Entry Potential Between 1192.50 and 1194.50 on ES

This would be a scalp trade for half the position. The key is to leave half your position for a potential continued move further to the downside... Stop Loss would be 1195.50 or 1195.75.

Looking Ahead to the First Week of May

An expanded trading range as well as several significant daily market declines in the past two weeks signal a change in the markets. Overall the markets remain in an up trend but they are showing signs of vulnerability. A key level to watch for Monday's trading is 1176.75 on the ES. A close below this level should lead to continued selling in what would be a long awaited correction.

However, until we close below that level, I will be looking for long entries in this market. I don't have a specific price point yet, but I will post any long entries I take.