We are seeing some strength in European markets and futures are trading up this morning as the ES is testing minor resistance at 1283-1284. Once that gives way, it should set the stage for the climb back up to the 1290s.
I have a long bias today and will be looking to buy the dips. My strategy over the coming days is to anticipate range-based trading (1265-1295 ES) as a market top forms. I will short any new highs (i.e. 1300 ES) with confidence.
Levels to watch today (ES):
Resistance above at: 1283.50-1284, 1290-1291, 1295
Support below at: 1278-1279, 1273-1274, 1265-1268
Day Bias: Long
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Looking to get long ES at 1281 if we trade down there and find support...
ReplyDeleteWe trade into gap window now on the ES (1276-1280.25). Looking for support. Looking for long entry in this range
ReplyDeleteThe inability to bounce off the current lows with any continuation is beginning to be a concern. Day bias turning neutral until we can see some consistent buying. Looking like Gap wants to be filled today...
ReplyDeleteGood stuff. I agree that a market top may be forming, but that it also will most likely be a buying opportunity. Take a look at some of my analysis as to where we I think we are.
ReplyDeletehttp://tradingwithtechnicals.com/market-remains-vunerable
Geared more towards the intermediate term trader, but is in line with you thesis.
Yes, short-term, continue to expect a move back to the highs, where I will be looking to get short. The swing long buying opportunity will be where the market finds support after the correction. I am a very confident buyer between 1216-1226 ES...
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