Market continues to consolidate above 1300 ES. There have been plenty of opportunities to trade the range doing some variation of selling above 1304 and buying below 1300. However, the market will eventually break upwards to new highs or break down. So if you're are considering shorting the high end of the range or buying the bottom of the range going forward, it is important to remember that the odds for success go down the longer the market consolidates.
Furthermore, we have Unemployment news this morning at 8:30EST which could be the catalyst for some movement. Watch for a false breakout to the upside. The 1310 level (ES) continues to be a bias-changer for me. As long as ES doesn't close above 1310, I continue my short bias.
Levels to watch today on the ES:
Resistance above at: 1305-1306, 1310, 1313
Support below at: 1301, 1295-1296, 1288-1290, 1283-1284, 1278-1279
Friday, February 4, 2011
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