Price is getting very extended up here, and a breather would be a good thing at this point since it would allow Buyers to re-load at better prices, and may even attract additional capital currently on the sidelines. The challenge at this point is to keep the bearish bias in check, and view price objectively. My Bull/Bear Line in the Sand is 1136.75; bullish above and bearish below that level. Risk management is Key here since a move down could result in some profit-taking, which could trigger a stronger sell-off. Bears are waiting and will probably pounce on this thing at the earliest glimpse of a selling opportunity. Trade well!
Econ Data
Retail Sales at 7:30 AM (cst), Consumer Sentiment at 8:55 AM (cst), and Business Inventories at 9:00 AM (cst). Treasury Secretary Tim Geithner speaks before the U.S. Export-Import Bank annual conference in Washington at 11:00 AM (cst).
ES - Daily Chart with Volume Profile and Key Levels
Hello,
ReplyDeleteThanks so much for the blog. One question, where did you get your resisteance levels from, since we are at yearly highs?