I'll be traveling over the next couple of days and may not be able to update the blog in that time.
Headlines this morning showed an accelerated GDP number with 4Q GDP coming in at 3.0% versus 2.8% expectations.
Expecting bullish action to continue over the remainder of the week, which means I like buying the dips.
Levels to watch today on the ES:
Resistance above at: 1374.75-1375.75, 1378.75-1379.75
Support below at: 1369.50-1370.50, 1365.25-1366.25
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The current low at 1363.75 on the ES needs to hold today for my bullish bias to remain...
ReplyDeleteSo far support holding up, but we need to see a confirmed move back above 1370. Looking at the action over the past week or two we notice that buyers seem to be more reluctant with each new dip buying opportunity.
ReplyDeleteMarkets remain overbought, rallies to new highs are continually sold off, so shorts at new highs and at key levels such as r1 or r2 resistance are generally low risk trades. If they go against you it is highly probable that you will have the chance to get out at break even worst case.
Danger looms for a pullback at any time. One of these days, support will break down and it will break down fast. Buying dips remains the play for now, just have a planned exit strategy in place in case heavy selling does enter the picture.
OK, I'm off to the airport!