E-Mini S&P 500 Futures
My Bull/Bear Line in Sand is at 1190; bias is Bullish above and Bearish below. The market rejected prices below 1180 last week. Unless we make new Lows, I'm anticipating less volatility at the beginning of this week and will be a Responsive Buyer and Responsive Seller at the Key Support/Resistance Areas. If ES begins moving back up, retracing last week's down move, I would anticipate rotational price action at the Resistance Areas. The Resistance Areas can then be used as places to scale out of Longs, or Initiate Shorts. Above Initial Resistance (1193-1195), I will be scaling out of Shorts quickly, and leaning heavier on the Long side. Make a note of the Overnight Low, and see how price reacts at that Level. If the Overnight Low holds as Support, it could provide quick edge on the Long side.
Econ Data
Motor Vehicle Sales, Personal Income and Outlays at 7:30 AM (CT), ISM Mfg Index and Construction Spending at 9:00 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
