The ES closed the day yesterday 1 tick from the 1290 price target and traded just over 1291 in the overnight session before selling off throughout the remainder of the evening. Futures set to open lower this morning with dollar strength on the heels of a lower than expected GDP number out of England as well as concerns over Spanish bank failures.
FOMC Meeting begins today. I expect choppy markets until the FOMC minutes are released tomorrow afternoon at 2:00pm EST.
While we likely will trade back over 1290 again and retest the highs on the ES, the easy money to the long-side has already been made on the first retest of the 1290 level last night.
Day bias today is neutral.
Levels to watch today on the ES:
Resistance above at: 1285, 1289-1290, 1295-1296
Support below at: 1276-1277, 1273-1274, 1265-1268
I like long entries today at 1273-1274
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My intra-day strategy today will be to take long scalps off support levels. At some point, probably towards the end of the trading day, I will look to buy and hold into the close somewhere around 1275 ES...
ReplyDeleteShort ES at 1283
ReplyDeleteTaking a little heat... In this type of action, I am confident I can add a position to this a little bit higher and then let it come back to my entry... Or if it comes back now, I will exit for a scratch...
ReplyDeleteGoing to hold this trade actually, it should pay something...
ReplyDeletebull flag forming on short term time frame. this could break upwards further
ReplyDeleteCover at 1283.50. Taking 2 tick loss here. Risk no longer worth the reward here. Not a good time of day to trade, see u after lunch..........
ReplyDeleteI missed that bottom, just like I missed the previous trade, thought ES would trade down a little further first...
ReplyDelete