After Monday's range-bound price action where the market was in balance between 1167.75 and 1169, I'm anticipating an outside day where price may test 1175-1176.50 on the upside and 1160.75-1163.75 on the downside. My Bull/Bear Line in Sand is 1163.25; bullish if price is trading above it, and bearish if price is trading below that level. I anticipate the buying to get shut off by 1181.50 and the Selling to get shut off by 1153.50.
Econ Data
Redbook at 7:55 AM (CT), S&P Case-Shiller HPI at 8:00 AM (CT), Consumer Confidence at 9:00 AM (CT), and State Street Investor Confidence Index at 9:00 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels
Ok..I'm officially impressed :), "I'm anticipating an outside day where price may test 1175-1176.50 on the upside and 1160.75-1163.75 on the downside." What the heck gave you the tip off of an outside day?? Well done!
ReplyDeleteThx cal_trader. I'll provide a brief explanation. Monday was a narrow-range day, with the market in "balance" between 1168 and 1169. I was anticipating price to test the high volume areas Above and Below 1168-1169 to attract Buyers and Sellers, which is essentially what the market did today (this logic assumes that the basic function of the market is to facilitate trade).
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