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.
Econ Data
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
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