Tuesday, February 24, 2015

Tuesday February 24th Trade Plan and Levels

Morning guys,

Today we will be using 02.25-03.50 as our bull bear zone. Above here ES can go back to test the 06.50-08.50 resistance, however a short here at 06.50-08.50must be a perfect intraday setup as we are still in overall bullish context above. This is more of a good place to scale out of longs than to execute a short as a break above 08.50 would lead us to new highs and potentially 16-18 resistance. There is no hard resistance above 08.50 so shorts at resistance higher must only be taken if ES is showing extreme weakness and exhaustion.

Below the bull bear zone id expect ES to test the 00.50-98.50 zone, this has been tested multiple times now so a test of here must see a good intraday setup,Bulls must defend this to avoid a drop to 94.25-92.25 where id expect buying on first test. Below there ES could test 83-81 which could cap selling on the day time frame.

Today we have Yellen Testifying at 10.00am EST, so we could see a directional breakout around then.

News on the premium service will be on here this week and the service will include the in depth pre market trade plan and levels, plus a daily recap with an in depth look at the days action.


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