Good Morning.
New Home sales, Consumer confidence, and the FOMC (Afternoon) reports are due out today. All are bound to have a bearish effect on the ES and boost the Bonds. We had a low volume day yesterday, however and the volume in the ES is favoring the high side of the pivot this morning. If there was an average volume day yesterday I would contiue to be bearish, however since only a fraction of the market participants traded yesterday, I think the sell off is going to bring in buyers who think the market is at a premium. I am cautiously bullish as a result. Follow the volume. If we trade higher than 1270 start buying low volume pull backs - if we trade lower that 1263 sell the low volume rallies -
Support and Resistance Numbers
ES ZB
r4 1287.00 119.22
r3 1280.25 119.15
r2 1275.50 119.04
r1 1270.50 118.29
PP 1267.50 118.25
s1 1263.50 118.15
s2 1257.50 118.07
s3 1250.75 117.28
s4 1244.75 117.15
Best
Josh Kelne
Office: 312-521-7347
800-845-9685
www.trademaven.com
Take the Trade
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