US Markets gapping up this morning without any significant news. Chinese markets higher today despite yesterdays rate hike by the People's Bank of China. European markets also higher today.
Since the FOMC minutes yesterday, it seems there are a growing number of Fed members that are acknowledging that inflation is something to be concerned about and more members are leaning against a continuation of easy monetary policy.
I continue to sell resistance and buy support while not looking to defend any position. Until we break out of this low volume, narrow trading range consolidation, I continue to be cautious and neutral overall. The next break-out with high volume in either direction will influence my bias in that direction...
Levels to watch today on the ES:
Resistance above at: 1336-1338, 1345-1346
Support below at: 1331.50-1332.50, 1325-1326, 1321-1322
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Looking like another day of minute volume which leads me to believe we should begin to meander back downward in the consolidation channel on the ES. I like a short if we move upward and fail to break above the 1336-1337 area. The next long opportunity will be around 1329-1330.
ReplyDeleteLong ES 1329.25
ReplyDeleteNo defense, tight stop
ReplyDeleteLooking for 3 points or so on this trade
ReplyDeleteScratched at 1329
ReplyDeleteWill consider around 1327.50 as the next long opportunity. If that doesn't hold, then 1325
ReplyDelete