Notes for Overnight Session (posted Wed. evening)
The existing S/R Zones are in-play. I'm not expecting any significant move in either direction during the overnight session. I anticipate any Selling to shut off at the 1290.25-1292.25 Support Zone.
Trade Plan for Thursday 2/3
Selling in the overnight session shut off a tick ahead of the 1295.50-1297.00 Support Zone. Although we still have some econ reports due later this morning, the next primary catalyst is the NFP/Employment Report out tomorrow morning. The Bull/Bear Line in Sand is at 1289.75, and the bias is Bullish above that level, with more edge on the Long side. Watch how price acts around 1301.50-1303; that area will determine whether we make new highs today. On the downside, I anticipate the Selling to shut off by 1290. The overall Bias on the day is Bullish, and the focus is on buying pullbacks. Shorts are risky above 1304 since there's a good chance of making new highs above that price level.
Jobless Claims & Productivity and Costs at 7:30 AM (CT), Factory Orders and ISM Non-Mfg Index at 9:00 AM (CT), EIA Natural Gas Report at 9:30 AM (CT), Fed Balance Sheet and Money Supply at 3:30 PM (CT). Federal Reserve Chairman Ben Bernanke speaks to reporters at the National Press Club at 11:30 AM (CT).
5-min Chart with the EMiniPlayer S/R Zones
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.