Today we will be using 92-94 as our Bull Bear Zone, Below here ES should retest the low of this 5 day balance around 82-84. A long here would have to be judged in real time. Below here ES could Liquidate to 77.75-75.75 and lower to 67-65. A break of this 5 day balance could turn into a trend type scenaio either direction so we must be cautious going against this if ES looks like it may be breaking out.
Above the BB zone we have 02.25-04 and 06.75-07.75. The first of these could be a great short opportunity if ES attempts to break out and fails. Targeting back to value, however above this we must short with extreme caution as ES could reach, 11.5-13.5 on good internals.
So in conclusion today is all about judging what is going on early in the day, Are we breaking out on good internals? Have to got a failed breakout? or are we going to stay within balance.
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Happy Trading
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