E-Mini S&P 500 Futures
Anticipating range expansion and a trend day tomorrow. Pay attention to the overnight trend going into the open; anticipating that trend to remain intact for better part of the day. It goes without saying, that trades should be taken based on real-time price action. It's OK to anticipate, as long as you're willing to toss the idea if it's not working out.
Initial support is in the 1100.25-1101.75 zone, with 1096.25-1097.50 below that on a range extension. On the upside, initial resistance is in the 1107.50-1109 area, with the range extension target/resistance around 1114. I'm bullish above 1109, neutral to slightly bullish above 1100 and bearish below 1099. Regardless of direction, I'm anticipating rotational moves where price takes a pause at the support/resistance zones, rotates 2-4 points and then continues in direction of trend. Opening above Wednesday's IB Low (1108) would also be bullish; bearish if we open below. Like I said before, note the trend in the overnight Globex session and trade in direction of trend, until it is broken. Currently, the trend is bearish, but price is trading within the Initial Support zone, so I would not initiate shorts in this area since I'm anticipating a bounce on first touch.
Jobless Claims out at 7:30 am (cst), Leading Indicators and Philadelphia Fed Survey at 9:00 am (cst). Trade well!
ES - Daily Bar Chart with Volume Profile and Key Levels