E-Mini S&P 500 Futures
My bias is bearish below 1137.75, neutral between 1137.75 and 1142 and cautiously bullish above 1142. So far, the price action is turning out to be very similar to MLK day 2006. If that's any indication, we could see much lower prices over night and into the morning session. I'll be looking towards the Globex Low to provide some support at the cash open, and will then key off the over-night mid-point as near-term resistance. Although my current bias is bearish, I have to recognize the fact that 1129.50 was rejected over the short holiday session, and ES has continued to build value above 1134. Tomorrow's process goal will be to keep the personal bias in check, and keep my mind open to bullish scenarios as well.
Treasury International Capital at 8:00 AM (cst), State Street Investor Confidence Index at 9:00 AM (cst), and Housing Market Index at 12:00 PM (cst).
ES - Daily Bar Chart with Volume Profile and Key Levels
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