Overall bias remains neutral. I like buying support and selling resistance.
Levels to watch today on the ES:
Resistance above at 1309.50-1310.50, 1316-1317
Support below at: 1300-1301, 1294.50-1295.50, 1289-1290
A confirmed move above 1317 on ES would be very bullish and I would consider changing my overall bias to bullish if that happens.
European markets are currently mixed with the German DAX leading the way lower at -0.5%
Japanese markets saw some volatility as the NIKKEI dropped 1.7% before recovering most of those losses as there was talk of Nationalization of the Fukushima Nuclear plant as well as growing concerns over radiation contamination.
Consumer confidence data due out at 10:00am EST
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ES is trading right around my first potential short entry resistance level. The way to play this is to look for a pierce of the current high at 1311.50. If price does not continue higher after piercing above 1311.50, you can consider a short entry and place your stop above the new high.
ReplyDeleteShort ES at 1313 with Stop at 1313.75. This trade can easily be a loser, but if it is, I only lost 3 ticks...
ReplyDeleteIf not, my target is 1307-1308...
The other option on this trade would have been to take 1 point as a scalp play as intra-day action is fairly bullish at this point. However, I will continue to hold the short...
ReplyDeleteStopped out of that one, however, it was an example of a low risk trade that did have opportunity for profit, how a trader manages the exit is up to the trader.
ReplyDeleteNext resistance of note is previous highs at 1315, then at 1317...
ReplyDeleteShort ES at 1317
ReplyDeleteMarkets certainly bullish, but I like the overhead resistance to take a stab at a short here. I won't defend this position, but I'll hold overnight assuming buying does not continue in the evening session...
ReplyDeletePlacing hard stop at 1318.75. Placing limit order target at 1312.25... Off to play some tennis.
ReplyDeleteNext overhead resistance point at 1322-1323