I'm anticipating range expansion on the Consumer Confidence econ# out at 9:00 AM (cst) tomorrow morning. Other Econ data to be mindful of is the S&P Case-Shiller Home Price Index out at 8:00 AM (cst) and Redbook at 7:55 AM (cst). Near-term bias is bullish, but a pullback to 1112 would not surprise me. I'm anticipating a trend day, and will look to the price action following the Consumer Confidence # to set the mood/direction for the remainder of the day. Plan would be to stay in trend trades a bit longer, and exit out of counter-trend trades ASAP. I would caution against shorting above the Initial Balance unless we're at a range extension extreme like 1131.50 or the 1133-1135 area. On the downside, I'm anticipating the 1112 area to hold, even on negative econ data. The dismal volume makes it difficult to judge buyer/seller conviction, but Buyers are clearly in control at the moment.
ES - Daily Bar Chart with Volume Profile and Key Levels
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