We're close to an inflection point here; either the market breaks out above 1113 and tags the 1120-1125 area, or we break down below 1096 and tests the low to mid 1080s. I don't know if that will happen tomorrow or the day after, but I'm anticipating the move to materialize sometime this week. My near-term bias is bullish above 1097, and bearish below it. Price needs to get above 1109.50 for further upside momentum, or we could easily rotate down to the low 1100s again, with a test of the high 1090s. Back and forth movement is typical as price gets closer to an inflection point; since it's a battle between Buyers and Sellers. Be flexible and nimble -- we could get fast moves in both directions. Don't add to losing positions here, and try to stay on the side of Momentum.
Econ Data
Redbook at 7:55 AM (cst), S&P Case-Shiller HPI at 8:00 AM (cst), State Street Investor Confidence Index and Consumer Confidence at 9:00 AM (cst).
ES - Daily Chart with Volume Profile and Key Levels
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