Psychologically, the toughest trade tomorrow morning is going to be Buying, which is exactly why continued UP movement wouldn't surprise me. I believe the market is at an inflection point; we either solidify and build a base in the 1109-1122 area and move up towards the 1180 level - OR - we run the stops, and then fail hard! I'm not anticipating this big picture scenario to play out this week, but it's something to be aware of.
Scenario
For tomorrow, I'm anticipating a range-bound day. Use the Globex High/Low to get an estimate of the day's range. Unless price is moving on high momentum and volume, I would look to fade the Globex High and Low on first touch. Price has already hit my initial upside range extension level and retraced 1.50 points in the overnight session.
ES - Daily Bar Chart with Volume Profile and Key Levels
Thanks. Hope you had a good holiday! I dont know if I should ask this here, but is there a way to search your blog for previous posts.
ReplyDeleteHey, there's a Search textbox located in the upper left-hand corner of the screen. You can also click any of the "Labels" located underneath each post to pull up all posts tagged with that label.
ReplyDeleteHi Charlotte, I just added a Search box powered by Google to the Blog, on the right side.
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