Three important economic releases tomorrow morning: Personal Income and Outlays at 7:30 AM (cst), Consumer Sentiment at 8:55 AM (cst), and most importantly New Home Sales at 9:00 AM (cst). I'm anticipating range expansion on the New Home Sales data. My bias is bullish above 1110.50, bearish below 1107 and neutral to bullish in between. Watch out if we get above 1122; anticipating a stop-run to cause a strong upward surge. Beyond 1122, there's no use estimating the range potential since it's a fresh and untested scenario and price area. All I can say is, keep your subjective bias in check. Instead, identify key reference points to establish directional bias objectively. Be careful with counter-trend trades; we're at an inflection point and could get a strong trend day. Also have to be extra cautious since it's a short week and there's little to no participation from the big institutional players.
ES - Daily Bar Chart with Volume Profile and Key Levels
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