No major surprises in US News this morning, and so far no major market reaction:
December Retail Sales ex-auto +0.5% vs +0.6%
December Core CPI M/M +0.1% vs +0.1%
December Retail Sales +0.6% vs +0.7%
December CPI MoM +0.5% vs. +0.4%
Peoples Bank of China raised reserve requirements by another 50 basis points sending Asian and European markets lower. US markets also are down in overnight trading.
I was hoping for a gap up this morning which would have made for an attractive shorting opportunity. There is a good chance we get gap fill (from 1/11) today. That would bring the ES down below 1270. First we'll need to trade through minor support at 1274.
Key levels to watch today on the ES:
Resistance above at 1279-1280, 1284, 1290
Support below at 1274, 1269-1270, 1265
I am a buyer (intra-day) between 1265-1269 ES
I am a seller at 1279-1280
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Short ES 1278.25
ReplyDeleteScratch this trade, Look to get short again at 1280ish
ReplyDeleteDidn't take the Short, was trying to get filled at 1281, missed it by 1 tick... still looking to get short, will post when I take it
ReplyDeleteShort ES at 1280.75
ReplyDeleteStill Holding, thinking the stops were just hit as ES traded up to 1282.50. We should reverse back down now. If we make a new high, I will exit this trade...
ReplyDeleteAnother Shorting opportunity here between 1285-1287. Just to update, I exited the previous short at 1282.25 for a 1.5 point loss.
ReplyDeleteNo shorts yet
ReplyDeleteI sure didn't expect that I'd see a test of my 1290 level on the ES today, not after way the day began, but here we are, continuing to rally. Its difficult to take a short position the way this market is trading. I think it might be best to wait till the end of the day to see where the market closes before getting into a new position... I will of course post if I do take a trade before end of day...
ReplyDelete