With Monday being a consolidation day, the Key Levels haven't really changed much. We've built some short-term resistance in the 1138.25-1139.50, but if price gets back up in that area, I would anticipate a break-out above to tag higher resistance levels. In other words, I don't consider 1138.25-1139.50 to be Strong Resistance; it's just an obstacle that the market may have to work through if it moves back up. A pullback to the 1124-1126 area would not affect the near-term bullish bias. Actually, my goal for tomorrow is to trade with no bias, and just go with the momentum. I'll be monitoring price at the Key S/R Levels to gauge market strength/weakness. I'll also be paying attention to the opening gap; I feel the gap could provide short-term directional bias, i.e. we may continue in direction of the gap in the morning session. Come prepared, and trade well!
Econ Data
ICSC-Goldman Store Sales at 6:45 AM (cst), Redbook at 7:55 AM (cst)
ES - Daily Chart with Volume Profile and Key Levels
Hi Emini,
ReplyDeleteGreat Blog, just been skimming through. I don't see you using Fibs much, is that still part of your trading?
Also, have you done any reading of Richard D Wyckoff?
Thanks
David.
Hi David: yes Fibs are still a part of my trading and no, haven't read Wyckoff.
ReplyDelete