Today will most likely be the last time i offer a free trade plan and levels service. If you wish to keep receiving the trade plan and levels alongside a daily recap including a look at how we can use the market internals including the breadth, tick, advance decline and the intraday profile each day then the email subscription service will be open to subscribe to later today.
Here is today's plan.
We will be using 81.75-83.75 as our area to determine the likelihood of today's action and to determine some form of bias. If ES can break above here then we can continue yesterdays buying up to 95-97 where sellers can step in on first test. If ES is really strong then we can test here and even above at 03.25-05.25.
If buyers fail to break above here then ES could balance in yesterdays range and retest the 64.75-66.75 area. If ES is weak here internally then we could break below here and out next support would be the 49.25-51.25 level where id expect buyers on first test.
ES looks likely to gap down today and if we open below 73 and test lower then id expect us to go on to test the lower levels, and potentially even the 40.25-41.25 and 35.25-37.25 levels. The key today is to judge early on if ES is going to accept yesterdays range and trade back into it or reject it completely to lower levels. Don't get caught on the wrong side of a potentially strong directional movement.
Happy Trading.
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