The Bull/Bear Line in Sand for tomorrow is 1154. Based on the recent price action and market internals/breadth, the near-term bias is Bullish. The challenge in this kind of market is to keep the personal bias in check, and read the market with an open mind. Can the market fall 15-20 points tomorrow? Sure could, but I'm not going to close my mind to a possible move into the upper 1170s. Both scenarios are possible, and as day traders, we must keep the bias in check and trade what's in front of us. If you get good trade location on your Short positions, take advantage of it and try to hold for a larger move down. Tomorrow's focus will be the Jobless Claims data out at 7:30 AM (CT); so the best trade location may only be available in pre-market.
Econ Data
Consumer Price Index and Jobless Claims at 7:30 AM (CT), Leading Indicators and Philadelphia Fed Survey at 9:00 AM (CT), and EIA Natural Gas Report at 9:30 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
E-mini... nothing special.... I just want to thank you for your clear and smart every-day analysis.
ReplyDeleteI want you to know that this always adds value to my strategy.
Keep going this way...
Andrea
Thx, glad to hear that it's adding value to your trading business!
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