After hearing from the Fed and the ECB last week as well as getting a good amount of economic news like the US employment report on Friday, the week ahead looks to be much less interesting.
I have made it clear that I like short entries as the markets continue to make slightly higher highs, but last week's finish makes me less excited about the short side. It is always better to act first when an opportunity presents itself and the ES already sold off more than 30 points after crossing the 1380 mark that I spoke about early last week.
The latest price pattern negates much of my enthusiasm for a potential significant move lower. That being said, there remains plenty of resistance overhead and unless we see confirming action above 1400, Markets remain technically bearish in the bigger picture. That could easily change soon.
Right now I am focused on the 1380-1400 range on the ES. I like shorts at the upper end of the range and longs at the lower part of it in the near-term. We'll have to see if the market confirms above 1400 or below 1380 to better gauge future direction...
Levels to watch today on the ES:
Resistance Above at 1395-1396, 1399.50-1400.50
Support Below at 1383-1384, 1380-1381, 1374-1375
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