On the heels of strong markets overseas, the S&P 500 is threatening to gap up above the prior consolidation highs of the past 2 days.
Economic Data:
PPI Data this morning came in as expected (rising 0.8%) with with the energy sector contributing to the bulk of the rise in producer prices. January Housing Starts beat expectations with 596,000 versus 540,000 consensus. January building permits were slightly lower than expectations coming in at 562,000 versus 575,000
Economic data has had little effect on the market so far. Industrial production numbers to be released at 9:15 EST
FOMC minutes due out at 2:00pm EST.
I maintain a slight bias to the up-side this morning, but we'll have to wait and see if buying can continue after the first hour of trading. May continue to be dull action today ahead of the FOMC minutes this afternoon...
Levels to watch on the ES:
Resistance above at: 1334-1335, 1338-1339
Support below at: 1327-1328, 1321-1323, 1315-1316
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Nice scalping strategy this morning is to set up a 2 point range bar chart and sell every time a new bar is formed to the high side and buy when a new bar is formed to he low side... This only works for so long though. It will have to break out of this pattern at some point. I will look for a buying opportunity down around 1327. We may then drift up 5 points from there... One thought anyway
ReplyDeleteShort ES 1335.50
ReplyDeleteJust looking for a couple points here. Nice resistance overhead allows this to be a descent setup
ReplyDeleteCover at 1333.50
ReplyDeleteBuy ES at 1331.75
ReplyDeleteNo defense below 1331.50 now...
ReplyDeleteScratch trade at 1331.75
ReplyDeleteNice intra-day topping tail today... See if it leads to a continuation down... I would like it more if we actually had higher volume...
ReplyDeleteFed Minutes
ReplyDelete