E-Mini S&P 500 Futures
After the strong rejection at 1154.75 and a failure to re-test that level on Wednesday, I'm expecting the market to drift back up to the 1178-1181 Area. The on-going theme for now is to sell the rallies. I'll be looking to Short the bounces at the Key Resistance Areas. In the event that we make fresh Lows, I'll be looking to enter Short, covering my position at the Strong Support Areas below. 1138.50-1140.50 is a heavy Area of Support, and I am a Responsive Buyer there on first touch. At the same time, since that price area is heavy support, a break below could result in heavier liquidation. I'm not expecting the S&P to get there tomorrow, but in this market, it wouldn't take a whole lot for price to get there. If price remains above Initial Support (1157.25-1159.25), I'll look for Longs with targets in the Resistance Areas above (1173-1175, 1179-1181). With the recent pickup in volatility and expanded daily ranges, stops and targets can be widened up a bit. I keep my dollar risk on every trade the same, and manage risk by adjusting the position size.
Econ Data
Jobless Claims & Productivity and Costs at 7:30 AM (CT), EIA Natural Gas Report at 9:30 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels
