E-Mini S&P 500 Futures Trade Plan
Overnight, ES balanced within yesterday's 24-hr range, building Acceptance at 1357. Heading into the day session, we have the Micro Bull/Bear Zone at 1354.25-1356.25 (gap fill at 1356), followed by 1353 (minor support) and Initial Support at 1348-1351. On the upside, we have Pre-Market Resistance at 1358.75-1360.25, followed by Initial Resistance at 1363.75-1365.75 and then 1368-1369.50 (top of the current range on 24-hr chart). So far this week, we've seen Consolidation of last week's upside break-out, and ideally, price should hold above the 1354.25-1356.25 Micro Bull/Bear Zone and then break above the 1358.75-1360.25 Resistance for Buyers to remain in Control. Given the overall Bullish Context, the expectation is for Responsive Buyers to be active at Support. The only thing that would caution us against Longs at Support would be an Open Drive to the downside, and Market Internals indicative of a Trend Down day. Otherwise, we'll be looking for Responsive Buyers at Support and use the Resistance Zones as upside targets. With no market-moving economic catalyst during the day, we could get a Balanced session (upside cap in the event of breakout: 1368-1369.50, downside cap in the event of liquidation: 1348 or 1343-1345).
Jobless Claims at 7:30 AM (CT), FHFA House Price Index at 9:00 AM (CT), EIA Natural Gas Report at 9:30 AM (CT), EIA Petroleum Status Report at 10:00 AM (CT), Kansas City Fed Manufacturing Index at 10:00 AM (CT), and 7-Yr Note Auction at 12:00 PM (CT).