The fast liquidation move below 1180.50 mentioned in yesterday's Trade Plan materialized in the overnight session, with the Selling shutting off 3 ticks ahead of the 1166 Support. Heading into the day session, we have Pre-Market Support at 1170-1172, followed by Initial Support at 1165.50-1167. Below 1165.50, 1157-1158 is a KEY area (NVPOC at 1158), and we could get an aggressive Buy Response there. Use the Opening Range to determine which side is in short-term control (Price above OR = Buyers in Control, Price below OR = Sellers in Control). Unless we get an Open Drive to the upside, the expectation is for a Balanced session, with Responsive Buyers active at Support and Responsive Sellers active at Resistance (b-Shaped profile with Selling tail). The 1184-1185.25 Resistance Zone could cap the upside, with 1189-1191 being an extreme (unlikely that we'll tag this today). The U.S. markets are closed tomorrow for Thanksgiving, so expect lighter volume today with choppy price action -- be selective on Trade Location and setups. 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.