After the trend up day, the current plan is to buy the dips into Support on first touch and Short the Strong Resistance areas. The Bull/Bear Line in Sand is at 1144. Even though we're quite extended here (sounding like a broken record by now); tomorrow is setting up to be another Bullish day. Of course, things can change quickly when price is leaning too far on any one side (imbalance); but we have to trade it with the information we have in front of us. Price is currently trading in the Initial Resistance area and looks like it could head higher overnight. Trade well!
Econ Data
Producer Price Index at 7:30 AM (CT), EIA Petroleum Status Report at 9:30 AM (CT), Ben Bernanke Speaking before the Committee on Financial Services, U.S. House of Representatives on "Banking Supervision" at 1:00 PM (CT).
ES - Daily Chart with Volume Profile and Key Levels
Just wanted you to know that I read your blog everyday and it really helps.
ReplyDeleteIt taught me how to trade support and resistance.
Don't stop doing it. Really.
Anon, the Key Level postings will be a Premium Subscription service in a couple of weeks. If the insights posted here make you money, the small monthly fee will be more than worth it. So, to answer your question, the Key Levels and Scenarios will continue but limited to paying subscribers.
ReplyDeleteThanks!