1081.25-1083.00 was a heavily accepted area today, but overall, the move up was on below average volume. My bias is bullish above 1079, neutral between 1071.75-1079, and bearish below. I'm expecting tomorrow to be a more challenging trading day compared to today, and my plan is to enter the market with NO bias at all. After today's inside day, I'm expecting range expansion tomorrow, and don't plan on fading the short-term momentum unless we're in a Strong Support/Resistance area such as 1096-1098 on the upside and 1066-1068 on the downside. I'm having a hard time quantifying this, but tomorrow "feels" riskier to me for some reason. Lets see how it plays out!
Econ Data
Redbook at 7:55 AM (cst), Pending Home Sales Index at 9:00 AM (cst), Tim Geithner and Paul Volcker scheduled to speak at 9:00 AM (cst). Might be best to sit out the first hour, let the Initial Balance develop and then put some trades on with more information on hand.
ES - Daily Chart with Volume Profile and Key Levels
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