I was about to post the levels and the Dubai news hit the wires, spiking the ES up to 1113! I had initially marked 1105.25-1106.75 as initial resistance, and that was promptly changed to read "Prior Resistance = Support", so anticipating a bounce in that area. 1111.25-1114.75 was the Range Extension/Resistance, and 1112.25 was the 100% extension of the swing on the Hourly chart. 1106.25 is currently the Mid-Point, and also the Previous Week's High, so we have some confluence there. Near-term bias is bullish!
Scenario
I'm bullish above 1103.75, and am anticipating a bounce on first touch of each support zone on the way down. Anticipating range-bound action tomorrow as the market digests the latest news. In a range-bound market, I'm looking to go Long at Support and Short at Resistance. Immediate trend is up though, so must be careful on the short side and take profits early and often. Trade well!
ES - Daily Bar Chart with Volume Profile and Key Levels
Crude (CLF10)
For Crude traders, here's how the Hourly chart for CLF10 is working out.
CL - Hourly Chart
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