E-Mini S&P 500 Futures
The plan for Friday was to trade the break-out and be a Responsive Buyer as long as price remained above 1178. I was Long in the morning for the breakout attempt but was stopped out on the Greece Downgrade news. I shorted the first pullback after that flush down, which recovered the earlier loss. Following that, there was clear positive NYSE TICK Divergence. We also didn't get a broad sell-off on the news, with the NYSE TICK making a Low of -817, while it made a +967 High earlier in the morning. This was indicative of Buying pressure in the broader market. 1184 was a great spot to initiate Longs for the breakout. Friday's plan also said that I was a "Responsive Seller in the Strong Resistance Zones (1194.25-1196.25)", so it's fine if you stayed out of Shorts all day on Friday since price never reached that Area. I mentioned earlier in the week that the Resistance Zones can be used as Targets for Long entries, and that worked out well on the afternoon breakout. As long as we don't get any unexpected catalyst on Monday, I anticipate a small pullback and continuation to the upside. We could easily test 1200 on Monday. Be prepared to trade it in both directions; expecting Monday to be a consolidation day with a Bullish undertone.
ES/NYSE TICK 1-Minute Chart
ES 5-Minute Chart
ES Day Session Volume Profile Chart
