Friday, April 24, 2015

Friday April 24th Levels and Trade Plan


Yesterday we saw ES break out of the 3 day balance. SO today we will be using the 03.25-05.25 area as out bull bear zone. If ES can stay above here then we can continue back into the 11-13 zone where we would need a perfect intraday setup to fade here given the bullish context above 05.25. Above 13 ES has no real hard resistance. The 17.75 number is the ATH on the continuous contract and then we have projected targets of 25-27.

If however ES fails to stay above 03.25 then we can go back and test 93-95 where id expect to see some buying on first test and also at 80.25-82.25 but i find this zone unlikely to be tested today.

Off the open if ES can open above 14 id be very cautious with any shorts, but in most other opening scenarios id expect some form of rotation from zones today.

Happy Trading.

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