The 1239.25-1241.25 Resistance provided ideal trade location to Sell in the overnight session. Responsive Buyers shut off the Selling at the 1220.25 Support, and pushed ES back to yesterday's range. Heading into the day session, 1229-1231 is a KEY price area for Buyers. We'll be using the 1229-1231 area to establish short-term bias, and the 1244.50-1246.50 Bull/Bear Zone for overall bias. The primary catalyst this morning is the Philly Fed Survey at 9 AM (CT) -- we typically get range-bound two-way trade heading into this econ report, so be mindful of that during the first half hour. Above 1229-1231, we have Initial Resistance at 1239.25-1241.25, followed by 1244.50-1246.50 (Bull/Bear Zone) and the Resistance Zone at 1248.50-1250.50 (NVPOC at 1248.75). Below 1229, we have Initial Support at 1223-1225, followed by 1218.25-1220.25 and 1214-1215 (NVPOC at 1214). ES is set to open below Value.
5-minute Chart with Support/Resistance Zones
View full size chart
No comments:
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.