Asian and European markets mixed as China reports lower than expected CPI number. US Markets seeing a little selling following weaker than expected retail sales data.
Little has changed overall since yesterday, in terms of expectations, as we must wait to see if the 1330-1331 level can be broken on the ES. It is possible we see continued indecisive consolidation type trading similar to yesterday, though I expect we should see a larger range today than we did yesterday. Watch for the ES to continue down and test the lower 1320 support. Continued direction will be determined by whether or not the 1320 support breaks down or the 1330 resistance breaks up
Levels to watch on the ES:
Resistance above at: 1330-1331, 1333-1334, 1336-1337
Support below at: 1320-1322, 1315-1316, 1308-1310
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Short ES at 1325.75. Looking for 5 points.
ReplyDeleteConsider Exiting trade if ES trades up to 1327
ReplyDeleteCover trade at 1326.75
ReplyDeleteShort ES again at 1327
ReplyDeleteLooking for at least 5 points. Consider break even stop
ReplyDeleteCover at 1323 for 4 points
ReplyDeleteI was looking for a 1320-1321 target and we may still get there, but taking profit now. Will look for additional short
Short ES again at 1324
ReplyDeleteES Just spiked up to the VWAP, which is where I preferred to enter the short at 1325, but was impatient... consider exiting trade if ES trades above 1326
ReplyDeleteExit trade at 1326. The entry was a mistake, should have entered this trade at 1325... It still may not have been a winner, but it would have been easy to manage. 1324 was poor location to get short...
ReplyDeleteAre protests in Iran going to provide the next catalyst to sell the market? Remember the S&P dropped almost 40 points a little over two weeks ago as concern began to rise over unrest in Egypt... Something to keep an eye on...
ReplyDeleteWhat I'm preparing for into the close:
ReplyDeleteOne last push down lower to my original target 1321-1322, which will provide a buying opportunity into the close...
Looking to get short here at the VWAP, a move above 1326 will make me think differently..
ReplyDeleteShort ES 1325.75
ReplyDeleteWill consider exit with a move above 1327
ReplyDeleteNo defense above 1326 now...
ReplyDeleteCan consider taking profits 1323-1324, but I'll just hold for now.
ReplyDeleteScratched trade... Will look to get short in the GLOBEX session... Should see a few points down this evening..
ReplyDeleteShort ES at 1330.75. Stop not too far above the highs...
ReplyDeleteThe market may be heading higher, but this is a low risk trade that I like to try... If resistance holds, reward is high while risk can be contained...
ReplyDeletesure feels like we finally may have toped for the move. The correction should begin anytime. Market is ridiculously overbought up here, although I do remain longer term bullish
ReplyDeleteQuickly stopped out of this trade last night. Markets looking bullish this morning...
ReplyDelete