Outlook remains the same. Anticipate inflection point in the market (it is possible the high is in at 1296.75 though there is no confirmation). In any case, expectation holds that we will see the short-term high this week. I'll be watching for opportune price points to get short.
A more compelling case for a top would be to see a capitulation move to the upside that triggers stops and is quickly negated by selling. This move would likely take the ES over 1300 and create opportunities to get short.
Market catalysts: Earlier this morning, we saw the market sell in reaction to worse than expected jobless claims. The government then released news saying it was an error in reporting due to a snowstorm in the south that caused a backlog in claims. Sounds like a convenient excuse :) Additional market catalysts are Pending Home Sales at 10:00am EST and GDP on Friday at 8:30am EST. So, will continue to monitor for trade entries.
Levels to watch today on the ES:
Resistance above at: 1296-1297, 1300-1301, 1305-1308
Support below at: 1288-1289, 1283-1284, 1278-1279, 1273-1274
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Short ES at 1296.50
ReplyDeleteCover at 1293.50 for 3 points
ReplyDeleteShort ES at 1295
ReplyDeleteCover at 1296.25
ReplyDeleteI want to get long here now but this feels like HFT algo chop... waiting
ReplyDeleteStaying out for now, too easy to get chopped up here in this garbage, waiting...
ReplyDelete